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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (13996)10/25/2004 12:35:54 PM
From: RealMuLan  Read Replies (1) of 116555
 
Beijing Shougang's 3rd-Quarter Profit Rises 15% on Steel Demand

Oct. 24 (Bloomberg) -- Beijing Shougang Co., China's fourth largest steelmaker by output, said third-quarter profit rose 15 percent from a year earlier, as the company benefited from higher steel demand in the country.

Net income rose to 323.9 million yuan ($40 million), or 0.14 yuan a share, from 281 million yuan, or 0.12 yuan. Sales rose to 5.41 billion yuan from 4.06 billion yuan. The company reported the figures in a statement to the Shenzhen Stock Exchange, citing domestic accounting standards.

Rapid economic growth in China has spurred demand for steel used in construction and used in carmaking and shipbuilding. China's economy expanded 9.1 percent in the third quarter, after rising 9.6 percent in the second quarter.

Shougang also exported more steel in the third quarter, the company said.

Shougang and Tangshan Iron & Steel Group, China's sixth- largest steelmaker, plan to build a harbor to handle iron ore imports for a proposed 48.2 billion yuan ($5.8 billion) steel mill venture to reduce costs. China's steelmakers are under pressure to relieve raw material transport bottlenecks, which have boosted production costs.

The partners will ship raw materials from Australia and other countries to a planned 15 million metric ton capacity steel mill to compete with Shanghai Baosteel Group.

``Easing pressure from rising raw material prices and clogged transportation networks still remains our major task,'' Shougang said in the statement.
quote.bloomberg.com
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