Metallurgy: Steel to lose tax rebates
Updated: 2006-04-25 14:48
China will probably scrap tax rebates on all steel products in the second
half to discourage exports, and steel prices will find it hard to recover,
industry experts told a forum in Shanghai yesterday. The government frowns on
huge exports of steel products, which consume a large amount of energy and emit
pollutants during production, said Wu Wenzhang, general manager of major
industry portal Steelhome.cn. (Shanghai Daily)
Angang New Steel Co. said over the weekend that it expects its first-half net
profit to rise 2 to 2.5 times from the same period last year, thanks to a recent
acquisition from its parent. In the first quarter, net profit rose 82.1 percent
to 1.10 billion (US$137.3 million) from 603.9 million yuan in the same period
last year. (Shenzhen Daily)
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