Xining Special Steel Close Its Subsidiary to Reduce Administration Cost

   Date:2012/02/24     Source:

Recently, Xining Special Steel logged off its wholly-owned subsidiary Xigang Mining Development Co., Ltd. and established three wholly-owned subsidiaries to undertake related business. The close of Xigang Mining is mainly due to dispersed iron ore resource held by it and its high administrative cost.


Operation Revenue and Operation Cost of Xining Special Steel’s Fine Iron Powder Product, 2009-2011

 

Operation Revenue

Operation Cost

Operation Revenue YoY

Operation Cost YoY

2011H1

504.2

209.2

48.8%

21.8%

2010

786.1

357.5

109.0%

51.8%

2009

376.1

235.6

-56.9%

-31.0%

 Source: Xining Special Steel; ResearchInChina
 
Xining Special Steel is a resource-based special steel manufacture integrated with special steel smelting, iron ore & coal mining. At present, its operating cost is higher than the industry average level, which is partly because that its financial cost is high due to part of mineral projects invested by Xining Special Steel has not yet put into operation.
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