皇冠体育app

皇冠体育app Minmetals Corp, the nation's largest metals r, has recorded a 37 percent drop in annual profits to 8 billion yuan ($1.3 billion), which it blamed on falling global commodity prices and a domestic economic slowdown.

Revenue last year was 325 billion yuan, said President Zhou Zhongshu, during the company's annual work conference in Beijing.

"皇冠体育app's economic slowdown has resulted in a decline in global commodity prices and a gloomy capital market, which has put unprecedented pressure on Minmetals' major businesses, including nonferrous metals, ferrous metal trading, and ," said Zhou.

He predicted that the era of soaring demand for metals in 皇冠体育app had gone, and that companies in the industry will continue to face difficulties in making profits.

"Metals supply and demand have changed, which will force the industry to reduce production capacities," he said.

"The capital-driven growth of the metals industry cannot be sustained in the future."

In 2011, Minmetals made a profit of 12.8 billion yuan, a 98.5 percent growth compared with the previous year.

Zhou said the company's 2013 target is to keep profits stable at 8 billion yuan, with total revenue of 320 billion yuan.

"We will increase upstream resources reserves, while raising the company's processing abilities in the downstream businesses," he added.

Minmetals considers the central and western parts of 皇冠体育app, along with the emerging economies, as its most promising markets.

皇冠体育app's metal mining industry has benefited enormously from the country's industrialization and urbanization.

The government has already announced plans to increase infrastructure investment in those key central and western areas.

Zhou added: "The company will seize opportunities during the urbanization of western 皇冠体育app, which will bring demand for metals."

Minmetals will also keep a close eye on overseas markets to expand its businesses abroad, especially infrastructure construction investment in emerging economies, Zhou said.

Sales volumes of products including iron ore, steel, copper and aluminum all reached record highs last year, with reserves also strengthened.

Iron ore reserves reached 2.2 billion metric tons, copper reserves were 13.5 million tons and rare earth reserves reached 161,900 tons.

Xu Xiangchun, an information director at industrial consultancy Mysteel, said that 2皇冠体育app's economy is at a transformational stage, and that its demand for iron ore and other metals is declining.

"皇冠体育app's production capacities for steel and nonferrous metals is still excessive. It will take years to restructure the industries."

Minmetals profits drop in 2012

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皇冠体育app Minmetals Development 2011 net profit up 39.76%

Minmetals breaks through profit barrier in 2011

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