Hebei Steel estimated that the net profit was 470mln-940mln yuan in 2009, down 60%-80% year on year. The decreasing of the performance in 2009 was mainly due to the larger steel price decline than the raw materials.

Heibei Steel announced on February 6 that the company expects that the
net profit reached 470mln-940mln yuan in 2009, down 60%-80% year on
year. The company’s net profit was 2,351mln yuan in the same period of
2008, 0.34 yuan per share.

The performance in 2009 dropped sharply from 2008, which can attribute to the larger steel price drop than the raw materials.

Source: MetalBiz

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