Ninety-nine large and medium-sized steel plants in China reported a year-on-year 282 percent rise in net profits in the first quarter of this year, according to the China Iron and Steel Association.
Luo Bingsheng, deputy chief of the association, said combined profits of these steel plants jumped to 34.5 billion yuan (4.5 billion U.S. dollars) in the first three months, boosted by the steel price increases.
The composite price index of steel products stood at 109.8 by end-March, 4.42 percent higher than the beginning of this year, he said.

30-04-2007 |  284 Hit(s) | (0 vote)

China has detained four people after a horrific accident in which more than 25 tonnes of molten steel engulfed a room where workers were changing shift, killing at least 32.
An industrial ladle was moving into the pouring position at the plant in the northeastern province of Liaoning when it sheared off an iron rail, spewing out its 1,500 degrees Celsius contents.
The liquid metal engulfed the room, bursting through the door and windows and burying the workers.
It is the most serious accident to hit China's steel industry since 1949 Sun Huashan, deputy head of the State Administration of Work Safety, was quoted as saying, citing the year of the founding of Communist China.
Police had detained the company's manager, a workshop supervisor, an operator and a technician.

19-04-2007 |  145 Hit(s) | (0 vote)

Microsoft and PC maker Lenovo said on Wednesday that they will build a joint research and development lab in China, marking the first time that the software maker has built such a facility with another company.
The centre will focus on technologies for the China market and concentrate in two areas: mobile devices and on ways to build products on top of Microsoft's software.
"Today's announcement signifies another step in Microsoft's continuing efforts to build stronger collaborations with local partners, and foster a flourishing innovation ecosystem in China," Microsoft Chief Research and Strategy Officer Craig Mundie said in a statement yesterday.
The announcement comes ahead of Microsoft Chairman Bill Gates' visit to Beijing, where he will address a forum of government leaders on Thursday.

19-04-2007 |  149 Hit(s) | (0 vote)

The investigated data from Shanghai Academy of Social Sciences presented that more than a half wine and overseas wines in Shanghai market were fake. The fakes of well-known brands, distilled spirit and yellow wine, were nearly 40% while more than 50% overseas wine were fake or contraband.

17-04-2007 |  129 Hit(s) | (0 vote)

McDonald's China released the following statement:
"McDonald's China notes with satisfaction the official declaration by the Guangdong Labor Authority that our company has been found in compliance with the relevant labor laws and that our interpretation of those laws has been correct.

12-04-2007 |  180 Hit(s) | (0 vote)