Tangshan Iron & Steel Co, the publicly traded unit of China's second-biggest steel maker, said it needs to raise 10 billion yuan (US$1.4 billion) to fund expansion after posting a 51 percent profit gain.
Net income in 2007 rose to 2.14 billion yuan, or 0.95 yuan a share, from a revised 1.42 billion yuan, or 0.63 yuan, a year earlier, the Hebei Province-based firm said in a statement to the Shenzhen Stock Exchange.
(Shanghai Daily April 18, 2008)
