December 02, 2008

Tangshan Steel seeks funds

It is reported that Tangshan Iron & Steel Co, the publicly traded unit of China's second biggest steel maker needs to raise CNY 10 billion to fund expansion after posting a 51% profit gain.

The Hebei Province based Tangshan Iron & Steel Co said in a statement to the Shenzhen Stock Exchange that its net income in 2007 rose to CNY 2.14 billion from a revised CNY 1.42 billion a year earlier