MG Steel reports sales boost
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Ma'anshan Iron and Steel Co, (MG) the second-biggest Chinese steel maker, returned to profit in the first quarter on boosted sales of steel and higher product prices.
The Anhui-based, state-owned company yesterday reported a profit of 520.6 million yuan (US$76.2 million) for the period, compared to a loss of 89.3 billion yuan in the first quarter in 2009. Sales went up 23.9 percent to 14.3 billion yuan.
It is expanding supply channels and optimizing logistics to battle the pressure from rising fuel prices, the company said.
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