Steel mill profit soars
Source: Xinhua |
April 25, 2011, Monday
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Print Edition
Print Edition
WUHAN Iron & Steel Co, the publicly-traded unit of China's fourth-biggest mill, said first-quarter net profit more than doubled as higher output offset a drop in prices.
Net income rose to 608 million yuan (US$93.4 million), or 0.08 yuan per share, from 288 million yuan, or 0.04 yuan, a year ago, the Hubei Province-based company said yesterday in a statement to the Shanghai Stock Exchange. Sales rose to 21 billion yuan from 16.7 billion yuan. A new cold-rolling plant started production last June, enabling Wuhan Steel to boost sales to producers of auto makers.
Net income rose to 608 million yuan (US$93.4 million), or 0.08 yuan per share, from 288 million yuan, or 0.04 yuan, a year ago, the Hubei Province-based company said yesterday in a statement to the Shanghai Stock Exchange. Sales rose to 21 billion yuan from 16.7 billion yuan. A new cold-rolling plant started production last June, enabling Wuhan Steel to boost sales to producers of auto makers.
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