October 13, 2008

Fushun Special Steel 2007 net profit up by 50%

According to Fushun Special Steel’s annual report that its 2007 net profit reached CNY 23.73 million, increased by 51.99% and the earnings for per share was CNY 0.0456, but only CNY 0.03 in 2006. At the same time, the company released its 2008 first Q1 report that it realized profit CNY 6.49 million in the first quarter.

The report shows that Fushun Special Steel produced 648,300 tonnes steel and 508,500 tonnes steel materials in 2007 same as the previous year.

The company will fully launch the technological transform for the existing technics equipments and production lines, and also plans to construct new production line, the total investment is expected to reach CNY 275 million, in order to ensure the demand capital, the company doesn’t plan to distribute the 2007 profit.