On January 10, Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Group (WISCO) held a press conference regarding its achievements during China's 11th five-year plan period (2006-2010). Accordingly, WISCO stated that the non-steel business of the company developed rapidly during the period in question, adding that in the 12th five-year plan period (2011-2015) the company will attach greater importance to its non-steel business.
WISCO stated that in the 11th five-year plan period its sales revenues totaled RMB 587.6 billion ($88.76 billion), with aggregate net profits of RMB 27.4 billion ($4.14 billion), up 251 percent and 42 percent compared to the corresponding figures for China's 10th five-year plan period. At the end of 2010, the value of WISCO's total assets was 249 percent higher than in 2004.
WISCO also commented that, influenced by the financial crisis, the steel industry still faces risks. In particular, WISCO said, the rising prices of coal and iron ore have had a negative impact on profit margins in the steel industry. WISCO's net profit in 2010 was RMB 3 billion ($0.45 billion), compared to RMB 2.5 bilion ($0.38 billion) in 2009, whereas WISCO's net profit in 2008 was RMB 7.6 billion ($1.15 billion).