August 09, 2008

29 listed companies in China to register 16% YoY growth in 2008

According to statistics by April 30th 2008, total steel output in 29 listed steel companies in China in 2007 was about 183.85 million tonnes, while the output is expected to be 213.285 million tons in 2008, up by 16% YoY.

Among 29 steel companies, output growth rate in 13 steel companies is over 10%, while in 15 steel companies is lower than 10%.

Total output in three largest steel producers in China including Baosteel, Wisco and Anshan Steel may increase by 11.79% in 2008.

Moreover, there should be as many as 8 listed steel companies with a capacity of 10 million tonnes per year by 2008.

Analysts believed that annals reported by listed steel companies reflected the increase of profit in the whole year. Thanks to output increase, steel price rise and the adjustment of income tax, Chinese iron and steel industry may remain the growth rate of 20%-30% in 2008.