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)12614(T)80(otal)]TJ /F2 1 Tf T* 1.8753 Tw [( )-16629.9(HK$Õ000 HK$Õ000 HK$Õ000 HK$Õ000 HK$Õ000 )-25(HK$Õ000)]TJ /F1 1 Tf T* 0 Tw [(Re)25(v)15(enue)]TJ T* 2.3472 Tw [( )1597.2(External )2322.2(sales )-8848.1(8,600,112 197,127 )800(2,419,265 135,822 )-1050(5,297 )1299.9(11,357,623)]TJ T* 5.2472 Tw [( )4497.2(Inter)20(-se)15(gment )5222.2(sales )-4492.1(377,260 Ð Ð )2900(188,931 Ð )2875(566,191)]TJ 1.5 0 0 2 127.4212 633.4974 Tm 0 Tc 0 Tw ( )Tj ET /Cs8 CS 1 SCN 0 J 0 j .5 w 4 M []0 d /GS4 gs 1 i q 1 0 0 1 260.612 633.407 cm 0 0 m 36.85 0 l S Q BT 1.5 0 0 2 297.5002 633.4974 Tm ( )Tj ET q 1 0 0 1 305.966 633.407 cm 0 0 m 36.851 0 l S Q BT 1.5 0 0 2 342.8542 633.4974 Tm ( )Tj ET q 1 0 0 1 351.32 633.407 cm 0 0 m 36.851 0 l S Q BT 1.5 0 0 2 388.2082 633.4974 Tm ( )Tj ET q 1 0 0 1 396.675 633.407 cm 0 0 m 36.85 0 l S Q BT 1.5 0 0 2 433.5632 633.4974 Tm ( )Tj ET q 1 0 0 1 442.029 633.407 cm 0 0 m 36.851 0 l S Q BT 1.5 0 0 2 478.9172 633.4974 Tm ( )Tj ET q 1 0 0 1 487.421 633.407 cm 0 0 m 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581.8574 Tm .025 Tc 5.7722 Tw [(Eliminations )-11218( )3782.9(\(566,191\))]TJ 1.5 0 0 2 127.4212 574.4974 Tm 0 Tc 0 Tw ( )Tj 113.3861 0 TD 29.9862 Tc ( )Tj ET .5 w q 1 0 0 1 487.421 574.407 cm 0 0 m 36.85 0 l S Q BT 7.5 0 0 10 127.4212 553.8574 Tm .025 Tc 5.7722 Tw [(Group )5747.2(re)25(v)15(enue )-10350( )4725(11,357,623)]TJ 3.75 0 0 5 127.4212 544.0074 Tm 0 Tc 0 Tw ( )Tj 45.3545 0 TD 11.8445 Tc ( )Tj ET 2.5 w q 1 0 0 1 487.421 546.907 cm 0 0 m 36.85 0 l S Q .835 w q 1 0 0 1 487.421 543.574 cm 0 0 m 36.85 0 l S Q BT 7.5 0 0 10 127.4212 522.8574 Tm .025 Tc .025 Tw [(Inter)20(-se)15(gment sales are char)18(ged at pre)25(v)25(ailing mark)10(et rates.)]TJ 0 -2.6 TD [(Se)15(gment \(loss\) prof)20(it )-8810.3(\(1,183,722\) )-2489.3(28,808 )-2322.2(114,355 )-2489.3(\(61,394\) )-3014.3(6,010 )-1164.2(\(1,095,943\))]TJ 3.75 0 0 5 127.4212 487.0074 Tm 0 Tc 0 Tw ( )Tj ET 2.5 w q 1 0 0 1 260.556 489.907 cm 0 0 m 36.85 0 l S Q .835 w q 1 0 0 1 260.556 486.574 cm 0 0 m 36.85 0 l S Q BT 3.75 0 0 5 297.5002 487.0074 Tm ( )Tj ET 2.5 w q 1 0 0 1 305.91 489.907 cm 0 0 m 36.85 0 l S Q .835 w q 1 0 0 1 305.91 486.574 cm 0 0 m 36.85 0 l S Q BT 3.75 0 0 5 342.8542 487.0074 Tm ( )Tj ET 2.5 w q 1 0 0 1 351.264 489.907 cm 0 0 m 36.851 0 l S Q .835 w q 1 0 0 1 351.264 486.574 cm 0 0 m 36.851 0 l S Q BT 3.75 0 0 5 388.2082 487.0074 Tm ( )Tj ET 2.5 w q 1 0 0 1 396.619 489.907 cm 0 0 m 36.85 0 l S Q .835 w q 1 0 0 1 396.619 486.574 cm 0 0 m 36.85 0 l S Q BT 3.75 0 0 5 433.5632 487.0074 Tm ( )Tj ET 2.5 w q 1 0 0 1 442.067 489.907 cm 0 0 m 36.85 0 l S Q .835 w q 1 0 0 1 442.067 486.574 cm 0 0 m 36.85 0 l S Q BT 7.5 0 0 10 127.4212 465.8574 Tm .025 Tc 5.7722 Tw [(Interest )5747.2(income )-10037.1( )2875(47,472)]TJ 0 -1.4 TD [(Central )5747.2(administration )5747.2(costs )-4658.1( )3782.9(\(121,523\))]TJ T* [(Finance )5747.2(costs )-10864( )3782.9(\(392,863\))]TJ T* .025 Tw [(Gain from change in f)10(air)]TJ T* [( )-725(v)25(alue of deri)25(v)25(ati)25(v)15(e)0( f)20(inancial)]TJ T* 5.7722 Tw [( )5022.2(instrument )-11077.1( )2875(26,199)]TJ T* .025 Tw (Loss on dilution of interest in)Tj T* 5.7722 Tw [( )5022.2(associates )-11356( )3257.9(\(19,177\))]TJ T* .025 Tw [(Loss arising from f)10(air v)25(alue)]TJ T* [( )-725(adjustments on consideration)]TJ T* [( )-725(paid and the a)20(v)25(ailable-for)20(-sale)]TJ T* 5.7722 Tw [( )5022.2(in)40(v)15(estments )5747.2(acquired )-6664.1( )3782.9(\(170,500\))]TJ T* .025 Tw (Gain on disposal of)Tj T* 5.7722 Tw [( )5022.2(a)20(v)25(ailable-for)20(-sale )5747.2(in)40(v)15(estment )-3339.1( )4200(1,245,923)]TJ T* .025 Tw (Share of result of associates )Tj /F2 1 Tf 12.2888 0 TD 0 Tw (\(Note\))Tj /F1 1 Tf 2.7049 0 TD 5.7722 Tw [( )-1636.2( )3400(402,022)]TJ 1.5 0 0 2 127.4212 262.4974 Tm 0 Tc 0 Tw ( )Tj 113.3861 0 TD 29.9862 Tc ( )Tj ET .5 w q 1 0 0 1 487.421 262.407 cm 0 0 m 36.85 0 l S Q BT 7.5 0 0 10 127.4212 241.8574 Tm .025 Tc 5.7722 Tw [(Loss )5747.2(before )5747.2(taxation )-7915.1( )3257.9(\(78,390\))]TJ 3.75 0 0 5 127.4212 232.0074 Tm 0 Tc 0 Tw ( )Tj 45.3545 0 TD 11.8445 Tc ( )Tj ET 2.5 w q 1 0 0 1 487.421 234.907 cm 0 0 m 36.85 0 l S Q .835 w q 1 0 0 1 487.421 231.574 cm 0 0 m 36.85 0 l S Q BT /F2 1 Tf 10 0 0 10 127.4212 208.8574 Tm .025 Tc (Note: )Tj /F1 1 Tf 2.8346 0 TD .2405 Tw (Share of result of associates including discount on acquisition of an associate of )Tj 0 -1.4 TD 0 Tw (HK$307,358,000.)Tj -2.8346 -2.8 TD .0925 Tw [(The accounting policies of the reportable se)15(gments are the same as the GroupÕ)55(s accounting )]TJ 0 -1.4 TD .025 Tw [(policies. 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0 R /F3 148 0 R >> /ColorSpace << /Cs8 153 0 R >> /ProcSet [ /PDF /Text ] >> endobj 106 0 obj << /Length 6189 >> stream /GS2 gs BT /F1 1 Tf 10 0 0 10 292.3752 44.1954 Tm /Cs8 cs 1 scn .025 Tc 0 Tw (12)Tj /F3 1 Tf -16.4954 70.8662 TD .025 Tw (Segment assets and liabilities)Tj /F1 1 Tf 0 -1.6835 TD [(The follo)25(wing is an analysis of the GroupÕ)55(s assets and liabilities by reportable se)15(gment:)]TJ 0 -2.8 TD 0 Tc 0 Tw ( )Tj /F3 1 Tf 29.648 0 TD .025 Tc (2010 )Tj /F1 1 Tf 7.962 0 TD (2009)Tj -37.61 -1.4 TD 0 Tc ( )Tj /F4 1 Tf 27.7951 0 TD .025 Tc (HK$Õ000)Tj /F2 1 Tf 3.9529 0 TD 3.79 Tw [( HK$Õ000)]TJ /F4 1 Tf -31.748 -2.8 TD .025 Tw (Segment assets)Tj /F1 1 Tf 0 -1.4 TD [(Steel manuf)10(acturing )]TJ /F3 1 Tf 26.998 0 TD 0 Tw (17,051,386 )Tj /F1 1 Tf 7.962 0 TD (13,686,624)Tj -34.96 -1.4 TD .025 Tw (Shipping operations )Tj /F3 1 Tf 28.848 0 TD 0 Tw (25,630 )Tj /F1 1 Tf 7.962 0 TD (17,762)Tj -36.81 -1.4 TD .025 Tw (Steel and iron ore trading )Tj /F3 1 Tf 27.523 0 TD 0 Tw (1,311,422 )Tj /F1 1 Tf 8.762 0 TD (535,508)Tj -36.285 -1.4 TD .025 Tw [(Mineral e)15(xploration )]TJ /F3 1 Tf 27.523 0 TD 0 Tw (2,180,773 )Tj /F1 1 Tf 7.962 0 TD (1,561,955)Tj -35.485 -1.4 TD (Others )Tj /F3 1 Tf 29.373 0 TD (5,709 )Tj /F1 1 Tf 7.962 0 TD (6,899)Tj 2 0 0 2 127.4212 588.6624 Tm 0 Tc ( )Tj ET /Cs8 CS 1 SCN 0 J 0 j .5 w 4 M []0 d /GS4 gs 1 i q 1 0 0 1 385.324 588.572 cm 0 0 m 59.527 0 l S Q BT /F3 1 Tf 2 0 0 2 444.9012 588.6624 Tm ( )Tj ET q 1 0 0 1 464.744 588.572 cm 0 0 m 59.527 0 l S Q BT /F1 1 Tf 10 0 0 10 127.4212 566.0224 Tm .025 Tc .025 Tw [(T)80(otal se)15(gment assets )]TJ /F3 1 Tf 26.998 0 TD 0 Tw (20,574,920 )Tj /F1 1 Tf 7.962 0 TD (15,808,748)Tj -34.96 -1.4 TD .025 Tw (Interests in associates )Tj /F3 1 Tf 27.523 0 TD 0 Tw (6,742,974 )Tj /F1 1 Tf 7.962 0 TD (6,211,843)Tj -35.485 -1.4 TD .025 Tw [(A)74(v)25(ailable-for)20(-sale in)40(v)15(estments )]TJ /F3 1 Tf 28.323 0 TD 0 Tw (261,931 )Tj /F1 1 Tf 7.962 0 TD (231,688)Tj -36.285 -1.4 TD .025 Tw (Deferred tax assets )Tj /F3 1 Tf 28.848 0 TD 0 Tw (46,827 )Tj /F1 1 Tf 7.962 0 TD (38,639)Tj -36.81 -1.4 TD .025 Tw (Amount due from an associate Ð non-trade )Tj /F3 1 Tf 28.848 0 TD 0 Tw (17,756 )Tj /F1 1 Tf 10.337 0 TD 0 Tc (Ð)Tj -39.185 -1.4 TD .025 Tc .025 Tw (Amounts due from related companies Ð non-trade )Tj /F3 1 Tf 31.223 0 TD 0 Tw (Ð )Tj /F1 1 Tf 5.062 0 TD (301,007)Tj -36.285 -1.4 TD .025 Tw [(F)15(oreign currenc)15(y forw)10(ard contracts )]TJ /F3 1 Tf 31.223 0 TD 0 Tw (Ð )Tj /F1 1 Tf 6.112 0 TD (1,592)Tj -37.335 -1.4 TD .025 Tw [(Option to subscribe for shares of a listed compan)15(y)]TJ T* .75 Tw [( in )780(Australia )]TJ /F3 1 Tf 31.223 0 TD 0 Tw (Ð )Tj /F1 1 Tf 6.912 0 TD (117)Tj -38.135 -1.4 TD .025 Tw (Restricted bank deposits )Tj /F3 1 Tf 28.323 0 TD 0 Tw (281,486 )Tj /F1 1 Tf 7.962 0 TD (280,838)Tj -36.285 -1.4 TD .025 Tw (Bank balances and cash )Tj /F3 1 Tf 27.523 0 TD 0 Tw (1,702,696 )Tj /F1 1 Tf 7.962 0 TD (1,372,258)Tj 2 0 0 2 127.4212 418.6624 Tm 0 Tc ( )Tj ET q 1 0 0 1 385.324 418.572 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Summary of )]TJ T* .105 Tw [(production and sales quantities of the tw)10(o manuf)10(acturing plants in the current and last )]TJ T* .025 Tw [(year under this se)15(gment is as follo)25(ws:)]TJ /F2 1 Tf 2.3622 -2.5 TD (In Ô000 mt.)Tj /F1 1 Tf 4.741 0 TD 0 Tc 0 Tw ( )Tj /F3 1 Tf 12.8615 0 TD .025 Tc 7.2887 Tw [(Slabs Hea)25(vy )7263.7(Plates)]TJ -19.9647 -1.25 TD .025 Tw [(F)25(or the y)10(ear ended 31 December)]TJ /F1 1 Tf 14.7528 0 TD 0 Tc 0 Tw ( )Tj /F3 1 Tf 3.9346 0 TD .025 Tc (2010 )Tj /F1 1 Tf 5.6693 0 TD (2009 )Tj /F3 1 Tf 5.6693 0 TD (2010 )Tj /F1 1 Tf 5.6942 0 TD (2009)Tj -35.7202 -2.5 TD .025 Tw [(\(i\) )-743.2(Production)]TJ 0 -1.25 TD 2.0872 Tw [( Shouqin )]TJ /F3 1 Tf 18.4124 0 TD 0 Tw (2,394 )Tj /F1 1 Tf 5.6693 0 TD (2,379 )Tj /F3 1 Tf 5.6693 0 TD (1,313 )Tj /F1 1 Tf 5.6943 0 TD (1,290)Tj -35.4452 -1.25 TD 2.0872 Tw [( Qinhuangdao )2062.2(Plate )]TJ /F3 1 Tf 20.2624 0 TD 0 Tw (Ð )Tj /F1 1 Tf 5.6692 0 TD (Ð )Tj /F3 1 Tf 4.6193 0 TD (639 )Tj /F1 1 Tf 5.6942 0 TD (701)Tj -36.2452 -1.25 TD 2.0872 Tw [( T)80(otal )]TJ /F3 1 Tf 18.4124 0 TD 0 Tw (2,394 )Tj /F1 1 Tf 5.6693 0 TD (2,379 )Tj /F3 1 Tf 5.6693 0 TD (1,952 )Tj /F1 1 Tf 5.6943 0 TD (1,991)Tj -35.4452 -2.5 TD 2.0872 Tw [( Change )]TJ /F3 1 Tf 20.7874 0 TD 0 Tc 0 Tw ( )Tj /F1 1 Tf 3.6973 0 TD .025 Tc (+1% )Tj /F3 1 Tf 7.6412 0 TD 0 Tc ( )Tj /F1 1 Tf 3.7863 0 TD .025 Tc (Ð2%)Tj -35.9123 -2.5 TD .025 Tw [(\(ii\) )-440.2(Sales)]TJ 0 -1.25 TD 2.0872 Tw [( Shouqin)]TJ 6.996 0 0 6.996 141.1832 405.9424 Tm 0 Tc 0 Tw (#)Tj 12 0 0 12 144.8552 401.9464 Tm ( )Tj /F3 1 Tf 13.0352 0 TD .025 Tc (927 )Tj /F1 1 Tf 5.6692 0 TD (936 )Tj /F3 1 Tf 4.8693 0 TD (1,283 )Tj /F1 1 Tf 5.6943 0 TD (1,277)Tj -35.4452 -1.25 TD 2.0872 Tw [( Qinhuangdao )2062.2(Plate )]TJ /F3 1 Tf 20.2624 0 TD 0 Tw (Ð )Tj /F1 1 Tf 5.6692 0 TD (Ð )Tj /F3 1 Tf 4.6193 0 TD (576 )Tj /F1 1 Tf 5.6942 0 TD (651)Tj -36.2452 -1.25 TD 2.0872 Tw [( T)80(otal )]TJ /F3 1 Tf 19.2124 0 TD 0 Tw (927 )Tj /F1 1 Tf 5.6692 0 TD (936 )Tj /F3 1 Tf 4.8693 0 TD (1,859 )Tj /F1 1 Tf 5.6943 0 TD (1,928)Tj -35.4452 -2.5 TD 2.0872 Tw [( Change )]TJ /F3 1 Tf 20.7874 0 TD 0 Tc 0 Tw ( )Tj /F1 1 Tf 3.7613 0 TD .025 Tc (Ð1% )Tj /F3 1 Tf 7.5772 0 TD 0 Tc ( )Tj /F1 1 Tf 3.7863 0 TD .025 Tc (Ð4%)Tj 5.83 0 0 5.83 70.7283 316.9364 Tm 0 Tc (#)Tj 10 0 0 10 73.789 313.6064 Tm .025 Tc .126 Tw [( )101( )-1827.6(substantially all the slabs sold by Shouqin are to)25(w)10(ards Qinhuangdao Plate and are eliminated on )]TJ 2.5286 -1.4 TD 0 Tw (consolidation)Tj /F2 1 Tf 12 0 0 12 70.7283 268.9464 Tm (Shouqin)Tj /F1 1 Tf 0 -1.6043 TD .2378 Tw [(The Group holds an ef)25(fecti)25(v)15(e)0( interest of 76% in Shouqin \(52% held by the Group )]TJ 0 -1.25 TD .1001 Tw (directly and 24% through Qinhuangdao Plate\), the remaining 20% and 4% are held by )Tj T* .0251 Tw [(Hyundai Hea)19.9(vy Industries Compan)14.9(y Limited and Shougang Corporation respecti)24.9(v)14.9(ely)64.9(.)]TJ ET endstream endobj 131 0 obj << /ExtGState << /GS2 147 0 R >> /Font << /F1 150 0 R /F2 151 0 R /F3 148 0 R >> /ColorSpace << /Cs8 153 0 R >> /ProcSet [ /PDF /Text ] >> endobj 132 0 obj << /Length 4500 >> stream /GS2 gs BT /F1 1 Tf 10 0 0 10 292.3752 44.1964 Tm /Cs8 cs 1 scn .025 Tc 0 Tw (25)Tj 12 0 0 12 70.7283 751.1982 Tm .0806 Tc .2375 Tw [(W)40(ith)12.5( its)12.5( state-of-the-art)12.5( inte)15(grated)12.5( production)12.5( f)10(acilities,)12.5( Shouqin)12.5( seizes)12.5( the)55.6( )]TJ 0 -1.25 TD .025 Tc .131 Tw [(industrialization and urbanization trend of China, no)25(w catering to booming industries, )]TJ T* .0395 Tc .2375 Tw [(such)12.5( as)12.5( infrastructure,)12.5( petrochemical,)12.5( shipping)12.5( and)12.5( hea)20(vy)12.5( machinery)65(.)12.5( Its)12.5( 4300mm)14.5( )]TJ T* .025 Tc .1687 Tw [(hea)20(vy plate production line, ne)25(wly installed ultra thick slab caster and roughing mill )]TJ T* .1398 Tw [(gi)25(v)15(e)0( Shouqin an edge o)15(v)15(er other players in the industry)65(. Currently)65(, annual production )]TJ T* .0215 Tc .025 Tw [(capacities of slab and hea)20(vy plate ha)20(v)15(e)0( reached 3.6 million tonnes and 1.8 million tonnes )]TJ T* .025 Tc .2068 Tw [(respecti)25(v)15(ely)65(. F)15(or the current year)40(, Shouqin reported a turno)15(v)15(er of HK$9,932 million )]TJ T* .2071 Tw [(before elimination, recording a 15% rise on the comparati)25(v)15(e)0( year)55(. Reasons for such )]TJ T* .025 Tw (change are three-fold:)Tj 0 -2.5 TD .135 Tw [(\(i\) )-933.2(A)74(v)15(erage realized selling price \(net of )50(V)135(A)111(T\) of hea)20(vy plate w)10(as HK$5,048 \(RmB )]TJ 2.3622 -1.25 TD .025 Tw (4,380\), about 19% higher than that of last year; and)Tj -2.3622 -2.5 TD .2095 Tw [(\(ii\) )-555.7(A)74(v)15(erage realized selling price \(net of )50(V)135(A)111(T\) of steel slab w)10(as HK$4,030 \(RmB )]TJ 2.3622 -1.25 TD .025 Tw [(3,497\), about 20% higher than that of the last year; partly of)25(fset by)]TJ -2.3622 -2.5 TD .0223 Tc .0248 Tw [(\(iii\) )-440.1(The decrease in production of hea)20.2(vy plates in f)20.2(irst half 2010, due to the installation )]TJ 2.3622 -1.25 TD .025 Tc .025 Tw [(of a ne)25(w roughing mill \(600,000mt. capacity\) and an ultra-thick slab caster)55(.)]TJ -2.3622 -2.5 TD .2212 Tw [(In order to meet customersÕ demand, a do)25(wnstream processing centre, Qinhuangdao )]TJ 0 -1.25 TD .1142 Tw [(Shouqin Steels Machining and Deli)25(v)15(ery Co., Ltd. \(ÒQSSMÓ\), commenced operation in )]TJ T* .1177 Tw [(the f)19.9(irst quarter of 2009. QSSM is mainly engaged in processing and pre-treatment of )]TJ T* .1783 Tw [(ship plates, hea)20(vy machinery engineering and structural steel. It is part of ShouqinÕ)55(s )]TJ T* .0393 Tw [(de)25(v)15(elopment to)25(w)10(ards a one-stop supplier for steel products. )18(The current capacity in pre-)]TJ T* .035 Tw [(treatment of plates is 150,000 tonnes per annum and it is still on ramping up stage. )18(This )]TJ T* .0577 Tw [(entity recorded HK$493 million in turno)15(v)15(er and an attrib)20(utable loss of HK$2 million in )]TJ T* .025 Tw [(current year)55(.)]TJ 0 -2.5 TD .207 Tw [(F)15(or the year ended 31 December 2010, Shouqin recorded a gross prof)20(it of HK$130 )]TJ 0 -1.25 TD .0663 Tw [(million, comparing to gross loss of HK$611 million in last year)40(, and thus contrib)20(uted a )]TJ T* .025 Tw (net loss of HK$323 million to the Group.)Tj /F2 1 Tf 0 -2.5 TD (Qinhuangdao Plate)Tj /F1 1 Tf 0 -1.6043 TD .0261 Tc .2489 Tw [(As a well de)24.6(v)14.5(e)-.4(loped steel manuf)9.5(acturer)39.5(, Qinhuangdao Plate recorded a turno)14.5(v)14.5(e)-.4(r of )]TJ 0 -1.25 TD .025 Tc .1346 Tw (HK$3,370 million before elimination for the year ended 31 December 2010, a rise of )Tj T* .0896 Tw [(12% comparing with that of last year)55(. Lo)25(wer sales v)20(olume w)10(as compensated by higher )]TJ T* .1344 Tw [(a)20(v)15(erage selling price and impro)15(v)15(ed prof)20(itability)65(. )55(A)74(v)15(erage realized selling price \(net of )]TJ T* .058 Tw [(V)135(A)111(T\) w)10(as HK$4,714 \(RmB 4,093\), about 23% higher than that of last year)55(. )55(As a result, )]TJ T* .0436 Tw [(the GroupÕ)55(s share of loss of Qinhuangdao Plate w)10(as HK$126 million, comparing to loss )]TJ T* .025 Tw [(of HK$328 million last year)55(.)]TJ 0 -2.5 TD .1226 Tw [(In the near term, the prof)20(itability of both plants are squeezed under the high cost and )]TJ 0 -1.25 TD .0245 Tc .025 Tw [(o)15(v)15(ercapacity en)40(vironment. Ho)25(we)25(v)15(e)0(r)40(,)0( for the medium term, upon gradual impro)15(v)15(ement of )]TJ T* .025 Tc .1374 Tw [(ra)15(w material pricing mechanism and steel plate supply-demand dynamics, the outlook )]TJ T* .025 Tw [(remains positi)25(v)15(e)0(.)]TJ ET endstream endobj 133 0 obj << /ExtGState << /GS2 147 0 R >> /Font << /F2 151 0 R /F1 150 0 R >> /ColorSpace << /Cs8 153 0 R >> /ProcSet [ /PDF /Text ] >> endobj 134 0 obj << /Length 4357 >> stream /GS2 gs BT /F1 1 Tf 10 0 0 10 292.3752 44.1964 Tm /Cs8 cs 1 scn .025 Tc 0 Tw (26)Tj /F3 1 Tf 12 0 0 12 70.7283 751.1982 Tm .025 Tw (Mineral exploration)Tj /F2 1 Tf 0 -1.6043 TD [(Pr)45(oduction and sale of coking coal)]TJ /F1 1 Tf T* .1949 Tw [(Fushan International is a 24.4% held associate of the Group and we ha)20(v)15(e)0( started to )]TJ 0 -1.25 TD .101 Tw [(equity account for its f)20(inancial results from 1 September 2009. It is the second lar)18(gest )]TJ T* .2295 Tw (hard coking coal producer in China, currently operating three premium coking coal )Tj T* .1982 Tw [(mines in Shanxi, PRC with an annual production capacity of o)15(v)15(er 6 million tonnes. )]TJ T* .2199 Tw [(During the year)40(, it produced 6.2 million tonnes of ra)15(w coal and 1.6 million tonnes )]TJ T* .2211 Tw [(of clean coal. Its consolidated turno)15(v)15(er for the current year w)10(as HK$5,543 million, )]TJ T* .1534 Tw [(net prof)20(it attrib)20(utable to shareholders w)10(as HK$1,803 million, a rise of 24% and 60% )]TJ T* .0743 Tw [(respecti)25(v)15(ely o)15(v)15(er that of last year)55(. Prof)20(it attrib)20(utable to the Group w)10(as HK$414 million )]TJ T* .025 Tw [(in this year)55(.)]TJ 0 -2.5 TD .0527 Tw [(The hik)10(e in coking coal price has helped dri)25(v)15(e)0( prof)20(itability of Fushan International. F)15(or )]TJ 0 -1.25 TD .1363 Tw [(the longer term, solid mar)18(gins are e)15(xpected to be sustainable, gi)25(v)15(en the demand from )]TJ T* .1803 Tw [(steel industry and rarity of quality coking coal. )29.9(W)80(e)0( e)15(xpect this upstream b)20(usiness to )]TJ T* .025 Tw [(pro)15(vide a stable prof)20(it base for the Group in the foreseeable years.)]TJ /F2 1 Tf 0 -2.5 TD [(Pr)45(oduction of ir)45(on or)37(e pr)45(oducts)]TJ /F1 1 Tf 0 -1.6043 TD .201 Tw [(The Group holds an ef)25(fecti)25(v)15(e)0( 68% interest in Shouqin Longhui which is situated in )]TJ 0 -1.25 TD .1701 Tw [(Qinhuangdao City)65(, Hebei, PRC. Shouqin Longhui currently holds tw)10(o magnetite iron )]TJ T* .0391 Tc .2375 Tw [(ore)12.5( mines)12.5( together)12.5( with)12.5( its)12.5( concentrating)12.5( and)12.5( pelletizing)12.5( f)10(acilities.)12.5( Iron)12.5( ore)12.5( f)20(ines)14.1( )]TJ T* .025 Tc .1396 Tw [(concentrated from ra)15(w ores from the mines are used as feeds \(shortf)10(alls are currently )]TJ T* .1 Tw [(satisf)20(ied by purchasing feeds from the mark)10(et\) for the pellet plant to produce the f)20(inal )]TJ T* .0838 Tw [(product Ð iron ore pellets. )18(The designed output of iron ore concentrate and pellet plant )]TJ T* .025 Tw [(are 1 million tonnes and 2 million tonnes per annum respecti)25(v)15(ely)65(.)]TJ 0 -2.5 TD .0248 Tc [(In the current year)40(, Shouqin Longhui sold approximately 1.7 million tonnes of pellets. It )]TJ 0 -1.25 TD .025 Tc .0439 Tw [(recorded a turno)15(v)15(er HK$2,357 million for the year with a net prof)20(it of HK$105 million, )]TJ T* .2071 Tw [(and the prof)20(it attrib)20(utable to the group w)10(as about HK$71 million. Shouqin Longhui )]TJ T* .0344 Tw [(commenced operation progressi)25(v)15(ely from September 2009, loss attrib)20(utable to the group )]TJ T* .025 Tw [(in the last year w)10(as HK$48 million.)]TJ 0 -2.5 TD .2329 Tw [(Due to strong demand and bottleneck of supply)65(, iron ore price has remained much )]TJ 0 -1.25 TD .0516 Tw [(stronger since middle of 2010. )30(W)80(e)0( belie)25(v)15(e)0( this situation shall persist for the foreseeable )]TJ T* .1116 Tw [(future and prof)20(itability of Shouqin Longhui w)10(ould impro)15(v)15(e)0( further through production )]TJ T* .025 Tw (ramp up and the increase of self-produced iron ore concentrates.)Tj /F3 1 Tf 0 -2.5 TD [(Steel and ir)18(on or)18(e trading)]TJ /F1 1 Tf 0 -1.6043 TD .0442 Tc .2376 Tw [(Shougang)12.4( Concord)12.4( Steel)12.4( Holdings)12.4( Limited)12.4( and)12.4( its)12.4( subsidiaries)12.4( \(ÒShougang)12.4( Steel)19.2( )]TJ 0 -1.25 TD .0239 Tc .025 Tw [(GroupÓ\) reported a turno)15(v)15(er of HK$3,593 million for the year ended 31 December 2010. )]TJ T* .0249 Tc .116 Tw (Shougang Steel Group sold approximately 3.0 million tonnes of iron ore through long )Tj T* .0756 Tw [(term of)25(ftak)10(e arrangements with Mt. Gibson starting from 1 July 2009. )18(T)35(rading of other )]TJ T* .0689 Tw [(steel products recorded a small gain. )18(The resulting net gain w)9.9(as HK$340 million in the )]TJ ET endstream endobj 135 0 obj << /ExtGState << /GS2 147 0 R >> /Font << /F1 150 0 R /F2 151 0 R /F3 148 0 R >> /ColorSpace << /Cs8 153 0 R >> /ProcSet [ /PDF /Text ] >> endobj 136 0 obj << /Length 3231 >> stream /GS2 gs BT /F1 1 Tf 10 0 0 10 292.3752 44.1944 Tm /Cs8 cs 1 scn .025 Tc 0 Tw (27)Tj 12 0 0 12 70.7283 751.1964 Tm .1806 Tw [(current year)40(, comparing to HK$46 million in last year)55(. )30(W)40(ith the strong ra)15(w material )]TJ 0 -1.25 TD .0225 Tc .025 Tw [(prices and gro)25(wth in production of Mt. Gibson, we e)15(xpect good prof)20(itability and iron ore )]TJ T* .025 Tc [(trading v)20(olume will remain substantial.)]TJ /F3 1 Tf 0 -2.5 TD (Shipping operations)Tj /F1 1 Tf 0 -1.6043 TD .0236 Tc (Shougang Concord Shipping Holdings Limited and its subsidiaries \(ÒShougang Shipping )Tj 0 -1.25 TD .0249 Tc .0422 Tw [(GroupÓ\) mainly engage in time charter b)19.9(usiness of tw)9.9(o capsized v)14.9(essel, used as a hedge )]TJ T* .0518 Tw [(to our transportation cost. In the current year)40(, it reported a net prof)20(it of HK$48 million, )]TJ T* .19 Tw [(compared to a net prof)20(it of HK$31 million last year)55(. 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