SHANGHAI, Jan 17 (Reuters) - China’s Laiwu Steel Co. 600102.SS said on Thursday it expects to post at least 50 percent year-on-year growth in its 2007 net profits due in part to higher steel products prices.
The company, whose parent Laiwu Steel Group is China’s ninth-largest steel maker, said the forecast earnings surge was also due to its efforts to enhance product mix and upgrade technology.
The company’s 2006 net profit reached 746 million yuan ($103.2 million), or 0.809 yuan per share.
Chinese steelmakers are facing a challenging 2008 as iron ore prices are expected to rise further and the government is moving to slow down the growth of fixed asset investment, analysts say. ($1=7.231 Yuan)
Reporting by Charlie Zhu; Editing by Valerie Lee