国内英语资讯:Economic Watch: Chinese steel makers post fat profits amid capacity cuts
<p><span word="BEIJING">BEIJING</span>, <span word="March">March</span> 13-- <span word="China">China</span>'<span word="s">s</span> <span word="listed">listed</span> <span word="iron">iron</span> <span word="and">and</span> <span word="steel">steel</span> <span word="producers">producers</span> <span word="have">have</span> <span word="posted">posted</span> <span word="strong">strong</span> <span word="profits">profits</span> <span word="for">for</span> 2017 <span word="as">as</span> <span word="the">the</span> <span word="country">country</span>'<span word="s">s</span> <span word="production">production</span> <span word="capacity">capacity</span> <span word="cuts">cuts</span> <span word="reduced">reduced</span> <span word="outdated">outdated</span> <span word="supply">supply</span> <span word="and">and</span> <span word="led">led</span> <span word="to">to</span> <span word="rising">rising</span> <span word="steel">steel</span> <span word="prices">prices</span>.</p><p><span word="In">In</span> <span word="an">an</span> <span word="annual">annual</span> <span word="report">report</span> <span word="filed">filed</span> <span word="with">with</span> <span word="the">the</span> <span word="Shanghai">Shanghai</span> <span word="Stock">Stock</span> <span word="Exchange">Exchange</span> <span word="Monday">Monday</span>, <span word="Xinjiang">Xinjiang</span> <span word="Bayi">Bayi</span> <span word="Iron">Iron</span> <span word="and">and</span> <span word="Steel">Steel</span> <span word="Co">Co</span>. <span word="said">said</span> <span word="its">its</span> <span word="net">net</span> <span word="profit">profit</span> <span word="surged">surged</span> <span word="more">more</span> <span word="than">than</span> 30 <span word="times">times</span> <span word="last">last</span> <span word="year">year</span> <span word="to">to</span> 1.17 <span word="billion">billion</span> <span word="yuan">yuan</span> (<span word="about">about</span> 185 <span word="million">million</span> <span word="U">U</span>.<span word="S">S</span>. <span word="dollars">dollars</span>). <span word="Its">Its</span> <span word="operating">operating</span> <span word="revenue">revenue</span> <span word="rose">rose</span> 69.44 <span word="percent">percent</span> <span word="to">to</span> 16.76 <span word="billion">billion</span> <span word="yuan">yuan</span>.</p><p><span word="The">The</span> <span word="company">company</span> <span word="also">also</span> <span word="plans">plans</span> <span word="to">to</span> <span word="double">double</span> <span word="the">the</span> <span word="number">number</span> <span word="of">of</span> <span word="shares">shares</span> <span word="owned">owned</span> <span word="by">by</span> <span word="all">all</span> <span word="shareholders">shareholders</span> <span word="using">using</span> <span word="its">its</span> <span word="capital">capital</span> <span word="reserves">reserves</span>, <span word="which">which</span> <span word="will">will</span> <span word="involve">involve</span> <span word="no">no</span> <span word="change">change</span> <span word="in">in</span> <span word="the">the</span> <span word="total">total</span> <span word="market">market</span> <span word="value">value</span> <span word="of">of</span> <span word="shares">shares</span> <span word="as">as</span> <span word="the">the</span> <span word="share">share</span> <span word="price">price</span> <span word="will">will</span> <span word="be">be</span> <span word="halved">halved</span>.</p><p><span word="The">The</span> <span word="Shanghai">Shanghai</span> <span word="Stock">Stock</span> <span word="Exchange">Exchange</span> <span word="soon">soon</span> <span word="sent">sent</span> <span word="an">an</span> <span word="inquiry">inquiry</span> <span word="letter">letter</span> <span word="to">to</span> <span word="Bayi">Bayi</span>, <span word="asking">asking</span> <span word="it">it</span> <span word="questions">questions</span> <span word="about">about</span> <span word="the">the</span> <span word="reasons">reasons</span> <span word="for">for</span> <span word="and">and</span> <span word="sustainability">sustainability</span> <span word="of">of</span> <span word="the">the</span> <span word="rapid">rapid</span> <span word="profit">profit</span> <span word="growth">growth</span>, <span word="the">the</span> <span word="feasibility">feasibility</span> <span word="of">of</span> <span word="the">the</span> <span word="share">share</span> <span word="doubling">doubling</span> <span word="plan">plan</span> <span word="and">and</span> <span word="the">the</span> <span word="risks">risks</span> <span word="associated">associated</span> <span word="with">with</span> <span word="its">its</span> <span word="current">current</span> <span word="share">share</span> <span word="price">price</span> <span word="and">and</span> <span word="price">price</span> <span word="earning">earning</span> <span word="ratio">ratio</span>.</p><p><span word="The">The</span> <span word="company">company</span> <span word="reported">reported</span> <span word="losses">losses</span> <span word="of">of</span> <span word="more">more</span> <span word="than">than</span> 2 <span word="billion">billion</span> <span word="yuan">yuan</span> <span word="in">in</span> <span word="both">both</span> 2017 <span word="and">and</span> 2017, <span word="and">and</span> <span word="shook">shook</span> <span word="off">off</span> <span word="losses">losses</span> <span word="in">in</span> 2016 <span word="with">with</span> <span word="a">a</span> <span word="net">net</span> <span word="profit">profit</span> <span word="of">of</span> 37 <span word="million">million</span> <span word="yuan">yuan</span>.</p><p><span word="As">As</span> <span word="profitability">profitability</span> <span word="improved">improved</span>, <span word="the">the</span> <span word="company">company</span>'<span word="s">s</span> <span word="share">share</span> <span word="price">price</span> <span word="surged">surged</span> <span word="more">more</span> <span word="than">than</span> 105 <span word="percent">percent</span> <span word="in">in</span> 2017 <span word="and">and</span> <span word="more">more</span> <span word="than">than</span> 10 <span word="percent">percent</span> <span word="so">so</span> <span word="far">far</span> <span word="this">this</span> <span word="year">year</span>.</p><p><span word="The">The</span> <span word="company">company</span> <span word="on">on</span> <span word="Tuesday">Tuesday</span> <span word="announced">announced</span> <span word="that">that</span> <span word="trading">trading</span> <span word="of">of</span> <span word="its">its</span> <span word="shares">shares</span> <span word="will">will</span> <span word="be">be</span> <span word="suspended">suspended</span> <span word="as">as</span> <span word="it">it</span> <span word="prepares">prepares</span> <span word="to">to</span> <span word="respond">respond</span> <span word="to">to</span> <span word="the">the</span> <span word="inquiry">inquiry</span>. <span word="Trading">Trading</span> <span word="will">will</span> <span word="resume">resume</span> <span word="after">after</span> <span word="it">it</span> <span word="files">files</span> <span word="its">its</span> <span word="answer">answer</span> <span word="with">with</span> <span word="the">the</span> <span word="Shanghai">Shanghai</span> <span word="bourse">bourse</span>.</p>
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