WISCO reports 89.69 percent drop in H1 net profit

Thursday, 27 August 2009 12:20:17 (GMT+3)   |  
       

According to the H1 2009 report issued by Chinese steelmaker Wuhan Iron and Steel Corporation (WISCO) on August 27, the company registered a net profit of RMB 506 million ($74 million) for the period in question, down 89.69 percent compared with the same period last year. The drop in net profit is mainly attributable to the reduced market prices of steel products in the context of the global economic crisis.

Furthermore, in its report WISCO states that it expects its net profit for the first three quarters of 2009 to fall at least 50 percent year on year.


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