Magang and Baotou Steel register sharp falls in 2008 profits

Thursday, 16 April 2009 10:04:41 (GMT+3)   |  
       

In 2008, Anhui Province-based Chinese steelmaker Magang registered sales revenues of RMB 71.26 billion ($10.43 billion), up 40.63 percent year on year. Meanwhile, the company's net profits for the year in question reached RMB 710 million ($104 million), down 71.31 percent compared with the previous year. The company's gross profit margin in 2008 was 8.57 percent, a decrease of 2.76 percentage points year on year.

On the other hand, Inner Mongolia-based Chinese steel producer Baotou Steel last year registered output figures of 9.536 million mt of pig iron, 9.82 million mt of crude steel, and 9.237 million mt of finished and semi-finished steel, with its steel exports reaching 787,000 mt. Baotou Steel achieved RMB 44.124 billion ($6.46 billion) in sales revenues over the whole year, up 64.81 percent year on year, while its net profit came to RMB 920 million ($135 million), down 47.3 percent year on year.


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