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China's Largest State-owned Enterprise Gains Big Profit Margin
One of China's largest state-owned enterprises, Anshan Iron and Steel Corp., made profits of 260 million yuan (US$31.3 million) in the first nine months this year, or nearly twice that of the same period last year.
Being China's oldest and largest industrial base in northeast China's Liaoning Province, the iron and steel enterprise had been losing money over the past a couple of years for it failed to get through the nationwide reform run in state-owned enterprises.
This year the enterprise intensified efforts to renovate obsolete techniques and crafts and made a remarkable breakthrough in establishing a sound and profit-oriented modern enterprise system.
In the first 10 months of the year, the enterprise paid 502 million yuan (US$60.5 million) in tax, an increase of about 30 percent from the same period last year.
A booming domestic and international steel market was attributed for the group's profits. It sold a total of 453 million tons of steel since the beginning of this year, with total revenue of 15 billion yuan (US$1.8 billion), 13 percent higher than last year.
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