On 13 Jun 2008, Jinan Iron and Steel Company Ltd (600022) made its net profit projection. Primary accounting showed the company could expect a YOY growth over 50% in net profit in the first half of 2008. During the same period of 2007, the company booked RMB 671 mln in net profit, or RMB 0.50 per share.

The company attributed its rapid net profit growth to two main reasons: firstly, that the company had pushed forward with its energy saving and emission reduction initiatives, implemented structural adjustment and has developed its recycling economy; secondly, steel price increased significantly in the first half of 2008.

On 12 Jun 2008, Jinan Iron and Steel Company Ltd (600022) closed at RMB 12.43 per share, down 3.12% from the previous day.

Source: China Business News

Date: 13 Jun 2008

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