Bloomberg News

China's Angang Steel First-Quarter Profit Rises 2%

April 14, 2008

Angang Steel Co. (347), China's second- biggest steelmaker by market value, said first-quarter profit rose 2 percent to 2.4 billion yuan ($343 million) from a year earlier.

Sales rose 17 percent to 18.6 billion yuan for the three months ended March 31, the Anshan, Liaoning province-based company said in a statement to the Shenzhen Stock Exchange. Earning per share fell 16 percent to 0.338 yuan, the company said in the statement without providing details.

Angang Steel in October sold 1.11 billion yuan-denominated shares at 15.4 yuan each in China as part of its $2.7 billion fund raising.

To contact the reporter on this story: Xiao Yu in Beijing at yxiao@bloomberg.net; Theresa Tang in Hong Kong at ttang3@bloomberg.net.

To contact the editor responsible for this story: Keith Gosman at kgosman@bloomberg.net


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