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Wisco cuts margin target for this year
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Wuhan Iron and Steel Corp. (Wisco) decided to cut its margin target for this year to RMB1.6 billion from the previous RMB3 billon after evaluating the market condition in the second half of this year, according to a senior official at Wisco.
Since this year, the Chinese steelmakers have suffered from the loss, due to sluggish global economy, weak demand and high inventory.
Also, the high import prices of iron ore which averaged at US$136.40/ton have squeezed the Chinese steelmakers’ margin.
News Date
7/20/2012 10:22:57 AM
reported by
Kan
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