Baosteel expects '08 auto sheet sales up 9.7%

Shanghai, December 4 (Gasgoo.com) China's Baoshan Iron and Steel Co Ltd (Baosteel) expects its 2008 full year auto sheet sales to rise slightly by less than 10 percent year on year, sources from the steelmaker said.

Auto steel sheet sales for the full year of 2008 are forecast to rise some 9.7 percent, with sales of high-strength steel and steel shell to surge 31 percent and 25 percent respectively.

Baosteel on Monday posted third-quarter profit of 2.85 billion yuan ($417 million), 26 percent below analysts' estimates.

The company produced 28.58 million tonnes of crude steel in 2007, up 9 percent from a year earlier.