English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
- Newsletter
- Online Community
- China Biz Info
- News Archive
- Feedback
- Voices of Readers
- Weather Forecast
 RSS Feeds
- China 
- Business 
- World 
- Sci-Edu 
- Culture/Life 
- Sports 
- Photos 
- Most Popular 
- FM Briefings 
 About China
- China at a glance
- China in brief 2004
- Chinese history
- Constitution
- Laws & regulations
- CPC & state organs
- Ethnic minorities
- Selected Works of Deng Xiaoping

Home >> Business
UPDATED: 13:13, April 30, 2007
Major Chinese steel firms quadruple profits in Q1
font size    

Ninety-nine large and medium-sized steel plants in China reported a year-on-year 282 percent rise in net profits in the first quarter of this year, according to the China Iron and Steel Association.

Luo Bingsheng, deputy chief of the association, said combined profits of these steel plants jumped to 34.5 billion yuan (4.5 billion U.S. dollars) in the first three months, boosted by the steel price increases.

The composite price index of steel products stood at 109.8 by end-March, 4.42 percent higher than the beginning of this year, he said.

The 99 steel enterprises posted an industrial output value of 390.8 billion yuan, up 37.99 percent, and their sales shot up 39.34 percent to 431.6 billion yuan.

Net income of the nation's major steel plant Angang Steel Co., rose 111.7 percent to 2.39 billion yuan in the first quarter, the company said on Sunday. Meanwhile, the Baoshan Iron and Steel Co., Ltd., China's biggest steel producer, said last week its first quarter net income jumped 156.38 percent to 3.68 billion yuan.

China produced 114.7 million tons of crude steel in January-March period, up 22.34 percent year on year, according to Luo.

He said China's double-digit economic growth has been fuelling steel consumption in its road and factory construction.

China consumed 102.6 million tons of crude steel in the first quarter of this year, 12.51 percent more than last year's same period.

(one U.S. dollar equals 7.7055 yuan)

Source: Xinhua

Comments on the story Comment on the story Recommend to friends Tell a friend Print friendly Version Print friendly format Save to disk Save this

- Text Version
- RSS Feeds
- China Forum
- Newsletter
- People's Comment
- Most Popular
 Related News
Manufacturers, Exporters, Wholesalers - Global trade starts here.


Copyright by People's Daily Online, all rights reserved