Wusteel’s profits drop 73% y-o-y

Wuhan Iron and Steel Group Corp. is expected to generate RMB 200bn (US$31.4bn) of sales revenue in 2012 with profits at about RMB1.7bn ($266.8M).

In 2011, sales revenue of the steelmaker amounted to RMB 218bn ($34.2bn), while profits stood at RMB 6.4bn ($1000M).
The non-steel business of the group is predicted to yield RMB 3bn ($470.8M) of profits in 2012, up 32% from a year earlier. Deng Qilin, general manager of the group, said that the company would strive for meagre profits in steel businesses in 2013 and below normal development in its non-steel businesses.

Source: China Metals e-mail [email protected]