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Nanjing Iron & Steel profits down 88%

By Yu Hongyan (chinadaily.com.cn)
Updated: 2009-03-11 11:43

Nanjing Iron & Steel Co Ltd (NISCO) said in its annual report that its net profits fell 88.08 percent to 123 million yuan ($17.98 million) in 2008, or 0.07 yuan per share, as surging raw material costs took their toll.

The Shanghai-listed smelter said its operating revenue rose 28.86 percent year-on-year to 28.35 billion yuan.

The company attributed its loss to the surging fuel costs, which overshadowed the price hike in its products. Losses at its three holding subsidiaries totaled 50.29 million yuan.

The company expects to earn 23.99 billion yuan in operating revenue this year by putting out 5.12 million tons of steel, 5.33 million tons of pig iron and 4.31 million tons of rolled steel.

NISCO produced 4.97 million tons of steel, 5.14 million tons of pig iron, and 4.25 million tons of rolled steel in 2008.