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Wuhan Steel Posts Lower Q3 Profit

Wuhan Steel posted a 49.45 percent year-on-year decrease in third-quarter profit due mainly to its weakening profitability during the period. Net income declined to 276 million yuan, or 0.035 yuan per share. Revenues were 18.49 billion yuan, compared with 13.87 billion yuan a ...

Shougang, Baotou Steel Unveil Q3 Results

As their operating cost growth outpaced revenue growth, Shougang and Baotou Steel reported a year-on-year decline in their net profit and earnings in the third quarter. Shougang's net profits and earnings per share were 239 million yuan and 0.0807 yuan, down 24.84 and 24.86 ...

Chongqing Steel Completes Australian Mine Acquisition

Chongqing Steel stated the transaction for the company's acquisition of an Australian iron ore mine will be completed on October 26. The company signed an agreement last November to invest US$258 million in Asia Steel for a stake in the Australian mine that has a total reserve of ...

Masteel Q3 Profit Plunges on Soaring Fuel Costs

Masteel reported a net profit of 3.04 million yuan in the third quarter, compared with 802 million a year earlier. Its operating revenue was 17 billion yuan, up 17.99 percent, and earnings per share were 0.04 yuan, versus 0.10 yuan a year before. The company produced 3.84 million ...

Lingyuan Steel Q3 Profits Down

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Ansteel Turns Waste Gas into Energy

Huaneng Yingkou Power Grid has generated nearly 100 million kilowatts of electricity over the past two months by using waste gas spewed out of Ansteel's Baiyuquan workshop. The cooperation between the two state-owned enterprises will not only help Ansteel reduce gas emissions in ...

Mills Post Financial Results

Daye Special Steel, a producer of alloy wire rod, forged steel and bright steel, posted a net profit of 122 million yuan and basic earnings per share of 0.27 yuan for the quarter ended September 30, an increase of 30 percent to 40 percent from a year earlier. Its 9-month net ...

Shandong Steel Receives Foreign Loans

International financial institutions such as HSBC and Standard Charted Bank granted on October 15 a loan worth $305 million to Chinese steelmaker Shandong Iron and Steel Group in what could be the largest consortium loan deal in China so far this year.

Chinese Pipe Makers Battle EU AD Probes

The European Union's decision to conduct anti-dumping probes against Chinese-made seamless pipe has prompted reaction among producers in Wenzhou, an important production and export base of stainless seamless pipe in China's eastern Zhejiang Province. Eight private producers in ...

Ansteel's Funding Plan Approved

The National Development and Reform Commission has approved Ansteel's plan to inject more capital into Karara Mining, a joint venture between Australia's Gindalbie Metals and its largest shareholder Ansteel (36.28 percent), in Western Australia. The Karara Iron Mine has a proven ...

Baosteel Exports 2.6 Million Tons of Steel

Baosteel exported 2.6 million tons of steel products this year, outperforming its planned target. The company exported 10.9 percent of its output with the proportion of double high (high-tech and high value-added) products and those exported to non-trade-sensitive and minor ...

Valin Steel Consolidates Tubular Operations

Valin Steel said the company plans to set up a wholly owned subsidiary tentatively called Hunan Valin Steel Tube Holdings - as a platform that will absorb a 67.13 percent stake in Valin Steel Tube from Valin Steel, 55 percent of Xigang Group owned by Valin Group and the remaining ...

Hebei Steel Lifts Prices by Up to 200 Yuan

Hebei Iron and Steel Group said it would raise prices for most steel products by 70 yuan to 200 yuan per ton starting from January 2011. The prices of rebar and high-speed wire rod will be increased by 70 yuan to 80 yuan from 4,470 yuan and 4,530 yuan for December shipment ...

Xilin Steel to Build Large Steel Base in northeastern China

Xilin Steel will endeavor to foster a steel production capability of 10 million tons by the end of 2015 through a 10.5 billion yuan investment plan in the following aspects: - Promoting technological renovations and exploring ways to identify areas for both potential growth and ...

Xuanhua Steel Removes Old Converters

Hebei Iron and Steel Xuanhua Steel has completely closed down three 30-ton converters, which will cut down 1.1 million tons of steel output per annum, translating into the reduction of dust and smog emissions by 520 tons and of sulfur dioxide emissions by 34.6 tons.

Hebei Steel May Put Two Mills under Trusteeship

Hebei Steel is considering placing Xuanhua Steel and Wuyang Steel under its trusteeship as an interim measure prior to the final acquisition of their equity from its No.1 shareholder Tangshan Steel and the second largest stockholder Handan Steel. Xuanhua Steel, a wholly-owned ...

Ansteel Seeks to Buy Fujian Sangang

Ansteel plans to merge with Fujian Sangang Group in response to the government's advocate to cut redundant capacity in the steel sector. Ansteel and the provincial government of Fujian have submitted the restructuring plan for final approval to the Ministry of Industry and ...

Baosteel Auto Steel Production Line Reaches Full Capacity

Baosteel has intensified its position as a leading producer of auto steel at home when the state-of-the-art high-strength steel production line launched by the company in March 2009 outperformed its original production target in the first ten months of this year. Baosteel has ...

Baosteel Lifts January Steel Prices

Baosteel has announced price increases for most steel products by 100 yuan to 300 yuan per ton for January delivery. Other major steel mills such as Ansteel and Wuhan Steel would follow suit. The group will lift January prices for medium- and low-carbon steel, ultra low-carbon ...

Hebei Steel Seeking Chances for further Mergers

Hebei Steel is looking for opportunities to merge with more local private steel mills in the wake of acquiring five non-governmental mills including Hebei Jingye and Tangshan Songting in a progressive manner. The group has established contacts with at least five other mills ...
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