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Singapore's Cosco Corp says won't be hit by steel prices

Thu Apr 10, 2008 4:31am EDT

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SINGAPORE, April 10 (Reuters) - Cosco Corp (Singapore) Ltd (COSC.SI) said on Thursday that rising steel prices will not negatively impact its margins after its shares fell more than 15 percent on market talk that it may face more order cancellations.

Cosco President Ji Hai Sheng told Reuters that only one of its core businesses was affected by steel prices and that it formed a small part of the company's total turnover.

"Steel prices going up or down will not affect us," Ji said, adding that he expected no further cancellations after losing a $202 million rig order. (Reporting by Melanie Lee; Editing by Jan Dahinten)



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