Benxi Steel Plate to loose heavily in first three quarters

Wednesday, 30 Sep 2009

Liaoning Benxi Steel Plate Co Ltd the listed company under Benxi Iron & Steel Co Ltd announces that the company is expected to face operational losses of up to CNY 1 billion to CNY 1.5 billion in the first three quarters with the earning per share at minus CNY 0.3189 minus CNY 0.4786 while it posted net profits of CNY 1.4163 billion in the first three quarters of 2008 with the EPS at CNY 0.4516.

Liaoning Benxi Steel said the plates market didn’t get better in the third quarter, and the price stayed in high level just for a moment, then dropped into the low again. The continuously weakening market and the slowly declining raw material cost are the main reasons caused the loss of Benxi Steel Plate.

(Sourced from MySteel.net)
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