The Chinese steel giant Wuhan Iron & Steel (Wisco) expected to post net profits of RMB1.7 billion for this year, boosted by its investments outside the steel sectors.
Wisco will report a loss for its steel business for the full year due to sluggish demand and slumped steel prices in the third quarter of this year. The steel business will offset its profits in its non-steel business of RMB3 billion.
Meanwhile, the firm's sales revenues for 2012 would be sat at around RMB200 billion, decreasing by from RMB220 billion for 2011.