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Metallurgy: Steelmaker loses money
(Shengzhen Daily)
Updated: 2006-03-24 15:13
Baosteel, the world's sixth-largest steelmaker, is set to post its slowest
growth in at least three years for the fourth quarter of 2005, as a major
expansion failed to compensate for sliding steel prices.
Baoshan Iron and Steel Co. (Baosteel) is also almost certain to see profit
fall in the first quarter of 2006, its first such slump since 2003, as higher
iron ore prices erode margins.
Recovering steel prices could help Baosteel's earnings rebound in the second
quarter, but its net profit is still likely to fall by 23 percent for all of
2006 compared with 2005, according to forecasts by six
analysts.
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