September 08, 2008

5 Chinese steel makers post strong profits in H1 of 2007

It is reported that 5 Chinese steel makers presented their January to June 2007 reports on August 22nd 2007 that showed strong profit growth in the first half of 2007. The performance of these leading steel makers listed on the Shanghai and Shenzhen bourses to a great extent mirrors the general performance of the steel industry.

1. Angang New Steel Co Ltd made CNY 6.848 billion (USD 902.3 million) in main operating turnover in January to June 2007 surging by 55.46% YoY and CNY 4.804 billion in net profit up by 54.52%.

2. Beijing Shougang Co Ltd made CNY 544 million in operating profit, up by 28.32% YoY and CNY 387 million in net earnings up by 26.66%. The growth of the two terms mainly benefited from investment returns.

3. Inner Mongolia Baotou Steel Union Co Ltd raked in CNY 9.162 billion in sales for January to June 2007 up by 10.83% YoY. The net profit hit CNY 454 million surging by 46.23% YoY.

4. Hangzhou Iron & Steel Co Ltd generated CNY 7.36 billion in operating turnover in the period. Its operating profit and net profit surged by 67.17% and 74.49% to hit CNY 295 million and CNY 186 million respectively.

5. Xining Special Steel Co Ltd stroke a total profit of CNY 205.187 million during January to June 2007 up by 85.91% YoY. Its net profit went up by 48.78% to hit CNY 126.3731 million in the period.