Govt watch

Stable rating for iron & steel

Chinese iron and steel producers can remain relatively stable, despite an expected decline in 2009 iron and steel selling prices and declining worldwide steel production, Fitch Ratings said in a recent report. The credit ratings and outlook for iron and steel producers in emerging markets remain relatively stable. Strong domestic market positions, material exposure to high value-added products, cost advantage in terms of raw materials, and potential state support underpin the credit profiles of the Chinese steel producers, the report said.

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