Xining Special Steel’s 2008 net profit falls by over 90 percent

On April 20, Qinghai Province-based Chinese steelmaker Xining Special Steel released its 2008 annual report, announcing a drop in its net profit of over 90 percent for the whole year. In 2008, the company registered sales revenues of RMB 6.973 billion ($1.02 billion), up 20.91 percent year on year. Meanwhile, the company’s net profit for the year in question reached RMB 17.5966 million ($2.58 million), down 94.14 percent compared with the previous year. In addition, Xining Special Steel stated that in 2009 it plans to produce 1 million mt of pig iron, 1.2 million mt of crude steel, 1.1 million mt of finished steel, 600,000 mt of coal, 700,000 mt of coke, and 1.2 million mt of fine ore.