China Minmetals Corp, the country's largest steel trader, said on Tuesday that its profits in 2007 have amounted to RMB 6.8 billion (US$932 million), more than double the figure of 2006.
According to earlier reports in Economic Daily, the company has posted annual profit of over RMB 3 billion (US$411 million) for two straight years.
The company's revenue has risen 15.3% year-on-year to RMB 21.8 billion (US$2.99 billion) by the end of 2007.
Its iron ore, coking coal and tungsten reserves stood 604 million tons, 250 million tons and 410,000 tons respectively while the annual trading volume of steel products, coal, coke, electrolytic copper and alumina reached 11 million tons, 4.1 million tons, 145,000 tons and 700,000 tons separately, according to the company's statement.
The company's two listed units are Minmetals Resources and Minmetals Development Co. Ltd. In a bid to expand its market share, it has cooperated with Jiangxi Copper to pay US$ 445 million for 100% stake in Northern Peru.
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