Profit target slashed
Source: Xinhua |
July 20, 2012, Friday
|
Print Edition
Print Edition
WUHAN Iron and Steel Group has nearly halved its 2012 profit target to 1.6 billion yuan (US$251 million), dragged down by sluggish demand.
Wuhan Iron General Manager Deng Qilin revealed the new target at an internal conference on Wednesday, attributing the lower target to "a range of factors in the second half," the Wuhan Evening News reported.
China's steelmakers are experiencing their most difficult times in a decade as profits have been squeezed by weak demand amid a prolonged global economic slowdown and the high cost of iron ore.
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