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Hebei Steel warns of net profit plunge

February 08, 2010 - 03:54 GMT Location: Shanghai

KEYWORDS: China , Hebei Steel , net profit

Newly formed Hebei Steel Group has forecast a net profit of 470-940 million yuan ($69-138 million) for 2009, down 60-80%, due to product prices falling faster than costs.

Hebei Steel was formed only in late January, so the projected profit dip is in comparison to 2.35 billion yuan, the combined net profits of the merged Tangshan Steel, Handan Steel and Chengde Vanadium & Titanium. Hebei Steel, which...

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