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Article: MA'ANSHAN STEEL PREDICTS 08 NET TO PLUMMET 71%

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AsiaInfo Services
Article date:
February 27, 2009
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AsiaInfo Services
02-27-2009
Ma'anshan Steel Predicts 08 Net to Plummet 71%

ANHUI, Feb 27, 2009 (SinoCast Daily Business Beat via COMTEX) -- Ma'anshan Iron & Steel Co., Ltd. (SHSE: 600808), a pillar steel maker in China, forecasts that its net profits in 2008 attributable to shareholders would reach CNY 717 million or so, plunging 71% year on year. The basic earnings per share were merely CNY 0.1.

The big decrease is mainly due to the rising prices of raw materials and fuels, as well as the high inventory falling price reserves. The company gained net profits of CNY 2.475 billion in 2007, or CNY 0.38 per share.

Iron ore and coal saw their prices fly higher and higher in the first three ...

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