Maanshan announces Q3 results

Maanshan announces Q3 results

Maanshan Iron and Steel Co Ltd, one of the major steelmakers in China, posted a net profit of Yuan 739 million (approx. $89.3 million) in the third quarter of 2003, which is eight times higher than its profit recorded in the same period last year. Company also increased its turnover by 43.5% to 4.1 billion. Company officials stated that the results are positively impacted by the increase in steel prices which compensate higher raw material costs. Maanshan's net profit in January-September period was Yuan 1.7 billion while revenue rose by 39.2% to Yuan 11.1 billion. In the first nine months of 2003, company produced 3.97 million tons of pig iron, 4.5 million tons of crude steel and 4.1 million tons of finished steel. The pig iron production indicated a 7.9% inrease compared to same period of 2002 while crude steel and finished steel productions rose by 12.2% and 6.2% respectively.