December 03, 2008

BaoSteel expects 2008 sales to rise by 4% YoY

It is reported that China's biggest steel maker Baoshan Iron & Steel Company expects sales to grow 4.4% in 2008.

Baoshan Iron & Steel Company said its revenue may reach CNY 200 billion as compared with CNY 191.6 billion in 2007.

Baoshan however waned that costs will amount to CNY 171 billion in 2008 pushing down profit by 2.7% as rising costs for raw materials such as iron ore, coal and nickel more than offset increased sales.