Magang Group estimates 50 percent rise in its net profit for 2010

On January 17, Anhui Province-based Chinese steelmaker Magang Group (Masteel) published a report estimating that the net profit attributable to shareholders of the listed company will indicate a 50 percent increase in 2010 as compared to 2009.

In 2009, the net profit attributable to shareholders of Magang Group was RMB 392 million ($59.6 million), with earnings per share of RMB 0.051 ($0.008). Magang Group has not yet announced a specific net profit figure for 2010.