Maanshan Steel 2011 profit misses estimate on demand
China’s Maanshan Iron & Steel Co (Magang) said that its net income for 2011 fell to RMB69.6 million, far missed the RMB337.5 million that estimated by analysts.
It’s known that the average profit margins for the Chinese steelmakers had dropped to a record low of 0.43% in November, and the margin would be further narrowed on economy policies.
The Chinese government has pared the annual economic growth target to 7.5% this year, which is a part of effort to lessen the economy’s reliance on investment and export.
News Date 29 Mar 2012 14:00:10 reported by Brian Lu