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September 08, 2008


Laiwu Steel\'s profit up by 3% YoY in Q3

It is reported that Laiwu Steel Corp profit rose by 3% YoY in the third quarter from a year earlier as demand and prices increased.

Laiwu Steel said in a release to the Shanghai stock exchange said that net income for the quarter ended September 30th 2007 rose to CNY 305.6 million (USD 40.8 million) from CNY 295.8 million a year earlier. Sales rose by 21% to CNY 8.27 billion based on new accounting standards applied this year.

Laiwu Steel is able to produce as much as 3 million tonnes of H beams a year and replaced Maanshan Iron & Steel Co as China's largest maker of the product last year. ArcelorMittal, the world's largest steelmaker, wants to buy a stake in Laiwu Steel, China's biggest maker of H beams, which are used in construction.