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Ansteel 2008 profit down 55% due to weak economy

(Xinhua)
Updated: 2009-01-21 14:24

China's Angang Steel Co Ltd (Ansteel) said Wednesday that its net profit fell 55 percent last year to an estimated 3.42 billion yuan ($500 million) as steel prices plunged.

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Ansteel, one of the country's top three steel producers, issued the estimate in an unaudited statement to the Shenzhen Stock Exchange, where it is listed.

The final figure indicates a loss of 4.83 billion yuan in the fourth quarter, as previous company data show net profits in the first three quarters totaled 8.25 billion yuan.

The decline reflected steep falls in steel prices and slow inventory movement starting in the second half, the company said.

Steel prices in China plummeted in the second half as the deepening world economic slowdown weakened industrial growth and steel demand in the country.

The price of 6.5 mm carbon steel wire rods, a major steel product, was down more than 40 percent since June 2008, Jia Yinsong, a Ministry of Industry and Information Technology official, told a forum earlier in January. Market data show the product was sold at about 3,400 yuan per ton.

The company also attributed the weak performance to the costs of buying raw materials and fuel at high prices earlier in 2008.

World crude oil prices are down more than 70 percent since peaking at $147 per barrel in July 2008.

Earnings per share were estimated at 0.47 yuan in 2008, down 58 percent from in 2007, Ansteel said.

The company didn't give a date for the release of its audited results, which under Chinese rules must be done within six months.