Mr Wu Xichun adviser of China Steel Industry Association announced that, in 2007 China's steel industry's economic benefits hit a new record, large and medium sized iron and steel enterprises'profits expect to realize more than CNY 144 billion up by 57% YoY.

Mr Wu said that in 2007, both domestic and international steel markets' demand are big, the steel production and market price are rising to a new record, the export volume of Chinese steel reaches a new record, imported iron ore's price and freight have greatly increased.

Under the domestic and international market double pull in 2007, the total output of Chinese steel expects to reach 4.9 billion tonnes, increase by 70 million tonnes compared with last year's, about 50 million tonnes for domestic additional demand, 20 million tonnes for expanding exports.