Monday June 28, 2010
Xin shares issued following the export rebate policy on the impact of cancellation notice after the company yesterday, also announced that the North of shares, cancellation of export tax rebates, the company expects to reduce 2010 total profit of 1.5 million yuan -200 million. Released from the relevant departments, "some of the goods on the export tax rebate cancellation notice" since the country shares a total of Shanghai and Shenzhen, Hing Fat Group, Huaxing Chemical, sea bright shares of six companies under public notice of the policy. While no one affected by the steel industry has released a notice, but industry insiders believe the industry will inevitably be affected.

"From the public point of view of steel enterprises, Anshan Iron and Steel, Baosteel, Wuhan Iron and Steel Valin and exports accounting for a larger, but more high-end steel products export enterprises, and is the highlight of the international competitiveness of domestic steel model, the whole export will be affected. "steel industry analyst with China Merchants Securities Chang Shih-pao think.

"The main impact of the export tax rebate cancellation of large steel companies," Bank of International analyst LUO Jin cross analysis: "The export tax rebate cancellation involves a broader variety of steel, approximately 40 percent of the exports of steel will be affected. And Anshan Iron and Steel, Maanshan Steel and other export large number of iron and steel enterprises steel by impact is more obvious. Angang Steel Company Limited, now exports about 3 million tons of steel, if the elimination of export tax rebates, the company is expected second half of 2010 earnings will be reduced by nearly 4 billion. "