December 03, 2008

Shougang Steel net profit in 2007 up by 34% YoY

Shenzhen listed subsidiary of China's leading steelmaker Shoudu Iron and Steel Group Shougang Steel reported its net profit up by 33.75% YoY on an annual basis to CNY 964.86 million in 2007 due to steel product price hikes.

Shougang Steel average steel product price expanded by 12.62% YoY in 2007, while its average steel billet price lifted 7.59% over the period. It’s operating revenue up by 13.17% on an annual basis to CNY 25.06 billion in 2007.

Shougang Steel's pig iron and steel output dropped slightly from the previous year to 4.29 million tonnes and 4.97 tonnes respectively in 2007, while its steel product output edged up 3.54% YoY to 4.8 million tonnes over the period.

The company plans to produce 4.23 million tonnes of pig iron, 4.9 million tonnes of steel and 4.65 million tonnes of steel products in 2008.