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Danish freight forwarder opens Chengdu office

Move designed to further tap into domestic markets and reduce costs BEIJING - Damco, the Denmark-based freight forwarding arm of A.P. Moller-Maersk Group, officially announced the opening of its office in Chengdu, Sichuan province on Wednesday. Damco, one of the world's largest ...

Baosteel's 2009 net profit dips 26%

SHANGHAI: Baoshan Iron and Steel Co Ltd (Baosteel), a major Chinese steelmaker, on Thursday reported revenue of 148.53 billion yuan ($21.76 billion) and a net profit of 5.816 billion yuan in 2009, down 25.97 percent and 9.95 percent respectively year-on-year. According to its ...

Vice-premier urges more competitive textile firms

BEIJING - Chinese textile companies should step up product innovation and industry restructuring to become more competitive, Vice Premier Zhang Dejiang said Tuesday. Zhang made the remarks at the opening of the China International Trade Fair for Apparel Fabrics and Accessories in ...

Minmetals may reopen Australian nickel mine

SYDNEY: China Minmetals Corp said it is conducting a review that could lead to a restart of its Avebury nickel mine in Australia, becoming the second miner in the country to consider reactivating production shut due the global financial crisis. "While this review is not an ...

Wuhan Steel ups prices

Wuhan Iron and Steel Co yesterday raised the May ex-factory prices of its products by a large margin, Shanghai Securities News reported, citing insiders at Wuhan Steel as saying the hike still lags behind iron ore price surges and further adjustment is possible. Most products ...

China steel makers gain profit, but immediate outlook bleak

SHANGHAI -- China's 77 large and medium-sized steel makers scored a profit of 33.9 billion yuan ($4.97 billion) in the first four months, compared with a 4.1 billion yuan loss during the same period last year. Luo Bingsheng, vice chairman of the China Iron and Steel Association ...

Steel firms nervous over talk of rebate cut

BEIJING - Chinese steel producers are worried over a possible export rebate cut by the Chinese authorities amid growing export risks imposed by trade remedy measures from the United States and the European Union. Wu Genping, the official of the General Administration of Customs, ...

Ansteel says US plant investment 'commercial'

Anshan Iron & Steel Group, part of China's fourth-largest steelmaker, said it's making its investment decision in the US based on market needs after a group of US lawmakers opposed the plan. [US lawmakers urge probe of Chinese steel investment] The "investment decisions in the ...

Valin to set up joint ventures with Mittal

China Hunan Valin Iron and Steel Group has won approval to set up two joint ventures with Arcelor Mittal, the world's largest steelmaker, the 21st Century Business Herald reported Thursday. The two smelters will pour 12.3 billion yuan ($1.8 billion) in the projects to produce ...

Currency moves may imperil textile firms

BEIJING: Half of China's textile companies risk going to the wall if the yuan appreciates 5 percent against the US dollar, an industry lobby group warned. China National Textile and Apparel Council Vice-President Gao Yong attributed this knife-edge existence to the industry's ...

Baosteel to be evaluated for Nissan supply

China's second-largest steelmaker Baosteel Group said it will be evaluated by Japanese carmaker Nissan Motor Co as a global autosheet supplier. This is the first time a Chinese steel producer has entered the car maker's global supply evaluation mechanism. As China's leading auto ...

Chinese steel mills cut output to maintain prices

Chinese steel mills are cutting their output to reduce losses as the country's steel inventory reached a historic high and domestic steel prices continued to drop for more than ten weeks in a row, the Economic Information Daily reported Friday. Steel prices on the international ...

US steel firm defends Chinese investment

A US venture capital steel company that received an investment from a Chinese State-owned firm fought back on Tuesday against national security concerns raised by US lawmakers. Steel Development Co, whose first project is to build a steel "rebar" production mill in Amory, ...

Shougang inks agreement to take over Tonghua Steel

CHANGCHUN - Beijing-based Shougang Group Friday signed an agreement with the provincial government of Jilin in northeast China to spend 2.5 billion yuan ($369 million) to take over operating Tonghua Iron and Steel Group in the province. According to the agreement, Shougang Group ...

4 steel firms in Tianjin merged into new giant

BEIJING - Four steel companies in the northern Chinese city of Tianjin have announced that they will merge as part of a central government plan to consolidate the sector, the local municipal government said on Wednesday. The new Bohai Steel Group, launched on Tuesday, consolidate...

New steel mill list to be unveiled next year

A list of steel enterprises that meet the new requirements set by the Ministry of Industry and Information Technology (MIIT) will be unveiled by the end of 2011, a source with the ministry said, China Securities Journal reported Wednesday. By then, the steel mills that are not on ...

China Wuhan Steel cuts Aug steel prices

China's Wuhan Iron and Steel will cut its major hot rolled and cold rolled steel product prices by 300 yuan ($44.28) in August, the company said on Tuesday. China's third biggest steel producer said the pre-tax price of its main 3 mm hot rolled products would fall almost 7 ...

Baosteel cuts prices for a 2nd month

Baoshan Iron & Steel Co, the biggest publicly traded Chinese steelmaker, cut prices for a second month amid weakening demand from makers of automobiles and appliances. Prices of low-carbon hot-rolled and some cold-rolled products were slashed by 300 yuan ($44) a metric ton, the ...

Tough times ahead for China steel companies

BEIJIJNG - Chinese steel mills are facing a precarious situation in the third quarter due to falling product prices and rising raw material costs, forcing many of them to scale back output or opt for maintenance shutdowns, leading industry experts said on Monday. The nation's ...

Tangshan Steel, Baotou may halt some output

Tangshan Iron & Steel Group, part of China's biggest steelmaker, and Baotou Iron & Steel Group may shut plants for maintenance this month, cutting production as prices fall, an analyst said. Tangshan Steel, the main unit of Hebei Iron & Steel Group, may reduce hot-rolled coil ...

Latest World News

china

Bill Gates talks nuclear
Bill Gates talks nuclear
Microsoft co-founder Bill Gates confirmed on Wednesday that he is ...
China offers inspirations to global dilemmas
China offers inspirations to global dilemmas
BEIJING, Jan. 22 (Xinhua) -- Policies of China's new leadership in the ...
Merck to put $1.5b in R&D
Merck to put $1.5b in R&D
Merck Sharp & Dohme (MSD), the world's second-largest drug producer by ...

world

market

IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
DAVOS, Switzerland, Jan. 25 (Xinhua) -- The International Monetary ...
China's farm product pricing plan shifts to market orientation
China's farm product pricing plan shifts to market orientation
The Number One Document also proposed a new pricing plan for China's ...
Chinese investors look to overseas opportunities
Chinese investors look to overseas opportunities
SHANGHAI, Jan. 25 (Xinhua) -- China, the world's top manufacturer and ...

finance

company

Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
A Wal-Mart store is seen in Stratford, Connecticut, the United States. ...
Gaming Firms Find Going Tough
Gaming Firms Find Going Tough
Employees demonstrate Sony Ericsson Mobile Communications' Xperia Play ...
Boeing Wins Biggest Order of US$26b
Boeing Wins Biggest Order of US$26b
A formation of nine Royal Air Force Red Arrows Hawk aircraft fly ...

trade

sports

Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
Lucrative golf industry lures stiff competition
Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
Li Na wins French Open women's singles title
History-making tennis legend Li Na notched the first-ever grand slam ...
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