Baosteel 2002 profit surges 67%

  • Business
  • Tuesday, 11 Feb 2003

SHANGHAI: Baoshan Iron and Steel Co Ltd, the listed arm of China’s top steelmaker, said yesterday its 2002 net earnings surged two-thirds after a strong fourth quarter, buoyed by resilient domestic demand and government anti-dumping efforts. 

Baosteel, as the company is also known, said rising prices propelled its earnings 66.8% higher in 2002 from 2001, trumping analysts’ expectations. Still, Baosteel officials remained cautious about 2003 and analysts said they expected its earnings to rise roughly 10% this year, saying 2002 was too tough to follow. 

The world’s fifth largest steelmaker said in its 2002 earnings report it made a net profit of 4.272 billion yuan for the year. – Reuters  

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