Hard | forerunnerwatches.org

, The domestic steel giant Angang Steel Company Limited (000898.SZ) today announced results for semi-annual report, in the first half net profit increased 24.48% year on year, but the industry believes that the second half of the price of steel to achieve high profits to promote the situation will be unsustainable

Semi-annual report published under the Anshan Iron and Steel shares, the company first half of the revenue 40.17 billion yuan, of which net profit of 59.8 billion yuan, up 24.48%.

Angang Steel Company Limited, said revenue from a year earlier mainly due to an increase in product prices, sales volume increases and the impact of product structure adjustment, the first half as the company promoted the development of markets for special steel, special steel ratio of the first half of 92.24%. Ship plate, car plates, plates and other high-end home appliances Steel products Sales also were up 25.54 percent over the previous year, 52.64%, 27.58%.

While operating profit and net profit has increased over the same period one year earlier as price increases impact; 2 is due to a series of working through technical innovation, production and sales scale of impact; Third, adjust the product structure effect; Fourth, the decline in corporate income tax rate impact caused by increase in net profit.

At the same time, the company also made progress in energy saving, comprehensive energy consumption per ton steel, fresh water consumption per ton steel, respectively, the comparable energy consumption fell 2.17%, 10.56%, 1.12%. Bayuquan new steel projects are proceeding smoothly and end at 6, coke oven, blast furnace hot stove, hot oven, plate after another into the cold furnace, heat load trial operation.

Yesterday, Wuhan Steel shares semiannual reports have been the first appearance, net profit reached 4.911 billion yuan, an increase of 3 percent, the first published results of Wuhan Steel shares and Angang Steel Company Limited, also for the steel industry’s overall performance during the first half set the tone. Previously, Tangshan Iron and Steel Shares of eight steel companies have also announced first half results are expected to grow, Bayi Iron & Steel, Guangzhou Iron and Steel Shares of its own degree of performance increase is expected to reach 200%.

Yesterday, Vice President of Hebei Province Prospering Metallurgical Industry Association also said in the first half, the two-strong international and domestic market demand situation, in Hebei’s steel industry profits rose 19.91 percent, but noted that yield, net investment income and income factors, the actual earnings growth of only some 53%, and that 53% of the actual earnings are primarily raise steel prices by 5,6 month was able to guarantee.

Advisory body under the domestic steel “steel house,” the latest report yesterday, the first half of 2008, China’s steel industry realized profits of over 100 billion, compared with growth of 26% over the same period in 2007, but mainly from the high profits The large increase in steel prices, and since the downstream steel industry profits have been squeezed in the first half, industrial development is impaired, thereby affecting the growth of steel demand, which built on the profits on the price increases will be difficult to maintain.

Prospering expects the second half of the steel industry will face a very complex situation, the whole second half in high-cost, high steel prices, high-risk operation, if the second half of the domestic steel market supply and demand reversed, steel prices have more large fluctuations in the steel industry profits will have a major impact.

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