China`s steel industry reaped record profit in 2006

[OhioChick]

Beijing, Feb 26: Amid a construction boom, China's iron and steel industry reaped record profit of USD 22 billion in 2006, surging over 30 per cent year on year, an industry association said here today.

The whole industry secured 279.5 billion yuan in pre-tax profit in 2006, an increase of 23.95 per cent over the previous year, figures from the China Iron and Steel Industry Association said.

Stimulated by robust market demand, China produced 418.78 million tonnes of crude steel in 2006, up 18.48 per cent year on year and accounting for 33.79 per cent of the total global production.

The country also produced 404.17 million tonnes of pig iron last year, up 19.78 per cent and accounting for 46.6 per cent of the total in the world.

Directed by the government's macro control policy, the development of China's iron and steel industry is now in good shape, vice president of the China Iron and Steel Industry Association, Luo Bingsheng said.
http://www.zeenews.com/articles.asp?aid=356696&ssid=51&sid=BUS

While Cleveland's former steelyard is turning into a Walmart Supercenter...:mad:

[BayCityProgressive]

1. What are you complaining about?

Walmart gives to charity, has low cost goods, and is a community employer!











:sarcasm: