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NE China cement, steel firms slow down
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10:45, May 18, 2009

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Cement and steel firms in northeastern Liaoning Province, one of China's old industrial bases, have been hit hard by the global economic downturn.

Qianshan Cement Co, a subsidiary of China Shanshui Cement Group, has seen a decline of orders since last year. The demand for cement from the nearby cities of Liaoyang, Panjin and Anshan has declined and "the company had to stop a production line, which had a daily capacity of 1,000 tonne," Monday's China Daily reported, citing the company's deputy party secretary Chen Yunxiang.

However, Chen is optimistic about a recovery after the country's 4-trillion-yuan stimulus package, unveiled last year. The package included infrastructure construction as a major investment target.

Angang Steel Co Ltd, the country's second-largest listed steel maker, is also suffering severely from the financial meltdown. Declining steel prices, a wane in demand and the high price of iron ores, left the company's net profit down by 60 percent, in 2008.

Despite its economic woes, Anshan Iron and Steel Group, the parent company of Angang Steel Co Ltd, is proceeding with its Bayuquan project in Yingkou, a port city in Liaoning province.

The project, which claims it will use advanced and environmental protection technologies, is the first large-scale iron and steel production base located in costal China.

The company plans to produce 18.96 million tons of crude steel this year, after output fell a slight 0.52 percent to 15.99 million ton last year. This will include 5 million tons from the Bayuquan project.

Source: Xinhua

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