It is reported that Xining Special Steel released its financial report yesterday evening, reporting that its 2008 net profit fell over 90%YoY from a year ago due to persisting steel price falls.

The special steelmaker realized operating revenue of CNY 6.97 billion in 2008 up by 20.91%YoY from a year ago; however, net profit fell 94.14%YoY from the year before to CNY 17.59 million. Earnings per share post at CNY 0.0237 down by 94.33%.

The steel mill targets to produce 1 million tonnes of pig iron, 1.2 million tonnes of crude steel, 1.1 million tonnes of finished products, 0.6 million tonnes of coal, 0.7 million tonnes of coke, 1.2 million tonnes of ore concentrate and 0.5 million tonnes of limestone in 2009.

(Sourced from.Mysteel.net)
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