China’s No.3 steel mill, Wuhan Iron and Steel Company Ltd (600005.SS), posted a 90.43 percent rise in first-half net profit over a year earlier, due to strong domestic demand and higher steel prices, Xinhua reported on Sunday.
Wuhan Steel’s net profit was 963.53 million yuan ($142 million) for the first half of 2010, as its steel production rose by nearly 30 percent in the period to 8.04 million tonnes, official news agency Xinhua said, citing the firm’s filing to the Shanghai Stock Exchange.
However, its production cost also climbed by about 47 percent due to rising prices of raw materials, the report said.
China’s No.3 steel mill, Wuhan Iron and Steel Company Ltd (600005.SS), posted a 90.43 percent rise in first-half net profit over a year earlier, due to strong domestic demand and higher steel prices, Xinhua reported on Sunday.
Wuhan Steel’s net profit was 963.53 million yuan ($142 million) for the first half of 2010, as its steel production rose by nearly 30 percent in the period to 8.04 million tonnes, official news agency Xinhua said, citing the firm’s filing to the Shanghai Stock Exchange.
However, its production cost also climbed by about 47 percent due to rising prices of raw materials, the report said.
Source : Konaxis
