Baoshan Iron and Steel posts full year results
Recent news in the market reports that Chinese steel producer Baoshan Iron and Steel has recently posted its 2003 full year results. According to the report, net profit of the company increased by 63.3% against 2002 to Yuan 6.98 billion ($843 million), depending on the strong demand from
construction and
automotive sectors.
The company also recorded its core revenue as Yuan 44.5 billion ($5.4 billion) up by 31% against the previous year. Moreover, this rate is expected to reach Yuan 46.3 billion ($5.6 billion) up by 4.1% in 2004.
An official from the company stated that these improved results are achieved although there was a raw material shortage, which led the prices to follow an upward trend.