Baosteel's 2006 net profit rises by a small margin

SteelOrbis Shanghai According to the annual report released on March 31 by Baoshan Iron & Steel Co. Ltd. (Baosteel), the company registered annual historical highs for sales, revenues and profits in 2006. The sales volume for the year in question increased by 14 percent year on year to 21.41 million mt, giving sales revenues of RMB 157.8 billion ($20.4 billion), up 24.6 percent compared with the previous year. In 2006, Baosteel's domestic sales covered 86.1 percent of total sales, with overseas sales accounting for the remaining 13.9 percent. Baosteel's net profits for 2006 reached RMB 13 billion ($1.68 billion), up 2.7 percent year on year. Earnings per share last year were RMB 0.74 ($0.096), with net asset yield at 16.84 percent. Regarding 2007, Baosteel plans to produce 20.75 million mt of iron and 23.27 million mt of steel. Its sales volume is expected to reach 22.19 million mt, with sales revenues totaling RMB 159 billion ($20.6 billion).