Chinese steelmaker Maanshan Iron & Steel announced that it expects its 2008 net profit to fall by around about 71 percent following a surge in raw material and fuel prices. The company has also set aside a provision of approximately 1.71 billion yuan ($250.1 million) to cover a drop in the value of its stocks.
The company estimates net profit attrwill fall to 717 million yuan ($104.9 million) from 2.475 billion yuan a year ago.
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