Maanshan increased net profit in H1
Maanshan Iron and Steel Co Ltd, one of the major steelmakers in
China, reported a net profit of Yuan 954 million (approx. $115 million) for the first half of 2003, which is five times higher than Yuan 164 million posted in the same period last year. Company also increased its turnover by 40% to Yuan 7.1 billion.
Company officials stated that the robust results positively impacted by the Chinese economic development and the increase in steel prices.
Company, located in the eastern Anhui, increased its
pig iron production by 6.1% to 2.6 million tons, while crude steel
production reached to 3 million tons and rolled steel
production
to 2.7 million tons with a 12.3% and 6.5% increase respectively.