Metalnewsnet 14 Apr :

Economic Weekly reported that Rizhao Steel Holdings Group Co Ltd still kept fantastic profitability in the downturn period in 2009 for steel industry, contributing to Hong Kong listed Kaiyuan Holdings Limited about HKD 570 million in the last seven months of last year.

According to the report, last May 29th Kaiyuan Holdings invested HKD 5.2 billion for 30%, 30% and 25% respectively of Rizhao Medium Section Mill, Rizhao Iron and Steel Co Ltd and Rizhao Steel Rolling Company, three major members of Rizhao Steel Holdings Group.

Kaiyuan Holdings disclosed that in 2009 the three branch steel mills yielded 1.3 million, 12.6 million and 10.5 million tonnes of steel products owing to strong demand.

It could be evaluated that the three mills earned profit of at least HKD 1.9 billion during June to December period based on their contribution to and shares held by Kaiyuan Holdings in this term.

(Sourced from Economic Weekly)