Dow Jones: China Hunan Valin 2011 Net Profit Likely CNY50 Mln-CNY90 Mln

China Hunan Valin 2011 Net Profit Likely CNY50 Mln-CNY90 Mln -Xinhua.
Staff Reporters
Dow Jones MetalSource Steel

BEIJING (Dow Jones)--Hunan Valin Steel Co. (000932) expects to have swung to a net profit of CNY50 million-CNY90 million last year, the state-run Xinhua News Agency reported Friday.
The Shenzhen-listed company, which had a 2010 net loss of around CNY2.6 billion, was boosted by CNY1.17 billion in government subsidies last year, the news agency reported.
As the steel industry remains mired in losses, Valin plans to introduce management reforms this year, including at its three major units, Hunan Valin Xiangtan Iron & Steel Co., Valin LY Steel Co. and Hengyang Valin Steel Tube Co., Xinhua said.
Hunan Valin plans to try to reduce procurement costs by centralizing its units' iron ore imports, among other measures, the report said. A Valin spokesman couldn't be reached for comment Friday.