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China’s second largest steelmaker, Mananshan Iron & Steel Co., Ltd. announced on last Thursday that the company’s net profit of 2008 was RMB710m, tumbled by 71.3% year over year.

However, the company’s revenue climbed to RMB71.26bn, surging by 40.63% from the year before.

The company said the main reason of the net profit decrease was the high price or imported iron ore, what’s more, the company made an inventory devaluation in RMB1.8bn.

In 2008, the company produced totally about 43m iron & steel products, about 14m from which was steel products. The decreased net profit lead to earnings per share standing at RMB0.10, and no dividend was declared.