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| Chinese iron & steel makers' 2007 profits expected to surge 45% |
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| 2008-02-24 | |
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Feb. 19, 2008 (China Knowledge) - China's iron and steel producers' 2007 profits is estimated to have surged 45% to reach RMB190 billion (US$26 billion), boosted by the booming economy and the strong global demand, according to sources. The country's top 20 producers accounted for 61.7% of the total 2007 profits gained by the industry. The profits of major iron and steel companies surged 49.5% over the previous year to hit a record high of RMB 144.7 billion, and the sales surged 32.8% to RMB 1.99 trillion. Meanwhile, the investment returns from the capital market also accounted for 1.35% of the profits, according the CISA consultant Wu Xichun. Last year, the country's production of the crude steel and pig iron both surged over 15% to reach 489.2 tons and 469.4 million tons, respectively, according to China Iron and Steel Association (CISA). Net exports of the crude steel reached 54.88 million tons, jumping 58%. Production costs has surged 55%, and would be pushed up further by the rising raw material prices and environmental protection fees, according to Wu. |
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