It is reported that Shandong Iron & Steel Group, the sixth largest steelmaker in China has been striving to reduce costs and make up deficit amid the spreading global financial storm and sluggish steel market and started to make profit since this June.

As reported by Securities Times, total revenue of the steelmaker posted at CNY 64.6 billion in January to September 2009 with aggregate profit recording CNY 987 million. Total profit in September stood at CNY 550 million.

The steel group convened a meeting on August 28th and put forward a target of CNY 1.5 billion total profit for whole 2009. Costs of major products like pig iron should be lower and products sales prices higher than average industrial level.

(Sourced from MySteel.net)
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