SteelOrbis Shanghai
According to the 2007 annual report released on March 27 by Baoshan Iron & Steel Co. Ltd. (Baosteel), the company registered an historical record for annual sales revenues which totaled RMB 191.6 billion ($27.3 billion), up 18 percent year on year. Its net profits reached RMB 12.72 billion ($1.81 billion), down 2.75 percent compared with the previous year. Earnings per share last year were RMB 0.73 ($0.104), down 2.67 percent year on year.
In 2007, the price of imported ore continued to go up by 9.5 percent on the basis of 2006's 19 percent increase, accompanied also by climbing freight costs. Moreover, the raw materials for stainless steel - coke, coal, alloys and other materials - all saw a considerable rise in price during the past year. In particular, due to the remarkable price fluctuations in nickel materials, Baosteel recorded certain losses in its stainless steel business in 2007.