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Steel company profits up 52% in 2010

By Hao Yan (chinadaily.com.cn)
Updated: 2011-04-07 15:08

The China Iron and Steel Association's (CISA) 77 member companies in 2010 made a total of 89.7 billion yuan ($13.7 billion) in profits, with an average profit margin of 2.9 percent.

The Chinese mainland imported 618.6 million tons of iron ore in 2010, 9.1 million tons less than in 2009. The ratio of dependence on imported iron ore dropped to 62.5 percent, the first decrease in a decade, Economic Information Daily reported Thursday.

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However, the costs of the imported ore surged $29.3 billion to $79.4 billion, according to a statistic released by the CISA on Feb 24.

The Chinese mainland contributed 33.1 percent in 2010 to the $46.5 billion in revenues reported by Companhia Vale do Rio Doce (CVRD). Those revenues rose 94.2 percent over 2009 revenues, the newspaper reported.

CVRD realized $17.3 billion in net profits in 2010. BHP Billiton Ltd made $17 billion in net profits, and Rio Tinto Group made net profits that totaled $14.3 billion, according to the report.