Angang Steel Company Limited (AnSteel)
Angang Steel Company Limited (Ansteel) is engaged in the production and sale of steel products, such as hot rolled sheets, cold rolled sheets, galvanized steel sheets, color coating plates, silicon steel, moderately thick plates, wire rods, large steel products and seamless steel pipes. These products are used in automobile, construction, ship-building, home electrical appliances, railway construction industries and in the manufacture of pipelines. During the year ended December 31, 2007, the Company produced 16,100,000 tonnes of iron, 16,080,000 tonnes of steel and 14,930,000 tonnes of steel products.
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Today the Asian markets include Japan, Hong Kong and South Korea opened higher following the upbeat sentiment in the US market. Nikkei was up by over 2% in early trade. China's Shanghai Composite opened lower but soon returned to the positive territory in early trade.
Gindalbie Metals Limited (ASX:GBG) is pleased to report a further significant achievement in the funding process for the Karara Iron Ore Project in Western Australia with the announcement of conditional approval by the China Development Bank (CDB) for up to US$1.2 billion for the Karara Project Loan. The commitment follows the completion of due diligence on the Karara Project by the CDB during 2008 followed by approval from CDB's Loan Review Committee.
On Thursday, the Australian sharemarket closed more than four per cent weaker, dropping almost to five-year lows, with losses in all sectors. The benchmark S&P/ASX200 index was down 146.7 points, or 4.19 per cent, at 3,352.9 while the broader All Ordinaries index had shed 150.6 points, or 4.32 per cent, to 3332.6. Analysts predict the bottom is getting closer and lower than 3000 points is possible as market would be dragged down by the US and growing concerns on recession in Australia.
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