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Benxi sees good steel demand, no cutbacks

(Agencies)
Updated: 2009-03-04 18:56

China's Benxi Iron & Steel Group, the parent of Bengang Steel Plates Co Ltd, sees "good" demand for steel and expects 2009 profits to at least match 2008's 1 billion yuan ($146 million), company chairman Yu Tianchen said on Wednesday.

"We have not cut production, we have not cut head count, we have not cut salary," Yu told reporters in Beijing.

He said Benxi had had orders for 10 million tons of hot-rolled steel products for 2009, exceeding its hot-rolled steel production capacity of 7 million tons. It is planning to produce 10 million tons of steel in 2009.

Despite the buoyant order book, Yu said the firm, which sources 70 percent of its iron ore locally and 30 percent from imports on long-term contracts, has asked for iron ore prices to fall to 2007 levels.