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NE China Cement, Steel Firms Slow Down

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China Will Meet Economic Growth Target of 8%: Senior Economic Planner

BEIJING, May&nbsp;19 -- Cement and steel firms in northeastern Liaoning Province, one of China's old industrial bases, have been hit hard by the global economic downturn. 
&nbsp;&nbsp;&nbsp; Qianshan Cement Co, a subsidiary of China Shanshui Cement Group, has seen a decline of orders since last year. The demand for cement from the nearby cities of Liaoyang, Panjin and Anshan has declined and "the company had to stop a production line, which had a daily capacity of 1,000 tonne," Monday's China Daily reported, citing the company's deputy party secretary Chen Yunxiang. 
&nbsp;&nbsp;&nbsp; However, Chen is optimistic about a recovery after the country's 4-trillion-yuan stimulus package, unveiled last year. The package included infrastructure construction as a major investment target. 
&nbsp;&nbsp;&nbsp; Angang Steel Co Ltd, the country's second-largest listed steel maker, is also suffering severely from the financial meltdown. Declining steel prices, a wane in demand and the high price of iron ores, left the company's net profit down by 60 percent, in 2008. 
&nbsp;&nbsp;&nbsp; Despite its economic woes, Anshan Iron and Steel Group, the parent company of Angang Steel Co Ltd, is proceeding with its Bayuquan project in Yingkou, a port city in Liaoning province. 
&nbsp;&nbsp;&nbsp; The project, which claims it will use advanced and environmental protection technologies, is the first large-scale iron and steel production base located in costal China. 
&nbsp;&nbsp;&nbsp; The company plans to produce 18.96 million tons of crude steel this year, after output fell a slight 0.52 percent to 15.99 million ton last year. This will include 5 million tons from the Bayuquan project. 
&nbsp;&nbsp;&nbsp; (Source: Xinhua)

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2023 INDONESIA NICKEL AND COBALT INDUSTRY CHAIN CONFERENCE