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Article: ANYANG IRON & STEEL 08 NET PROFITS MAY PLUNGE 50%-PLUS
- Article from:
- AsiaInfo Services
- Article date:
- January 20, 2009
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AsiaInfo Services
01-20-2009
Anyang Iron & Steel 08 Net Profits May Plunge 50%-plus
ANYANG, Jan 20, 2009 (SinoCast Daily Business Beat via COMTEX) -- Chinese steelmaker Anyang Iron & Steel Inc. (SHSE: 600569) forecasts today that its net profits for 2008 would slump more than 50% from the previous year, hurt by plunging steel prices.
The steelmaker reaped net profits of CNY 1.0905 billion and basic earnings per share of CNY 0.54 in 2007.
Impacted by the global financial crisis, China's demand for steel products shrank and steel prices have been dropping since July-end 2008. The company took many measures to fend off the negative influences, including improving its raw material ...