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Floods reduce steel shipments from south China mill |
| WRITER |
administrator |
DATE |
2008-06-18 10:44:27 |
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SHANGHAI, June 17 (Reuters) - Floods in southern China have cut transport from one of the major steel mills in the area, but steel production is normal so far, company officials said on Tuesday.
Steel shipments from Guangzhou Iron and Steel (600894.SS: Quote, Profile, Research, Stock Buzz), located in Guangdong province bordering Hong Kong, have been hit by the floods, which killed 63 people across Southern China in the past 10 days, said an official at the company's head office.
"We transport our products via waterways, railways and highways, and the floods have hindered two of them -- the waterways and the railways," the official said, citing a briefing from the company's sales department.
But Guangzhou Steel's production was not affected by the floods because the mill prepared for them after a government warning, she said.
A detailed assessment of the impact is not yet available.
Production at Liuzhou Iron and Steel Co Ltd (601003.SS: Quote, Profile, Research, Stock Buzz) in Guangxi, Guangdong steel producer Shaogang Songshan 000717.SZ and lead and zinc smelter Shenzhen Zhongjin Lingnan Nonfemet Co Ltd 00060.SZ were hit by floods, officials at the mills said.
Officials in Guangdong province warned of a "black June" as high tides, rain and two converging swollen rivers threatened levees, official Xinhua news agency has said.
Heavy rains in south China in the past 10 days forced the evacuation of 1.66 million people, the Ministry of Civil Affairs said. Direct economic losses totalled nearly 15 billion yuan ($2.2 billion).
Guangzhou Steel's state-owned parent has an automotive sheet joint venture with JFE (5411.T: Quote, Profile, Research, Stock Buzz) of Japan, which supplies automakers in the region.
Honda Motor Co. (7267.T: Quote, Profile, Research, Stock Buzz) has already had to shut some of its car plants in Guangzhou due to flooding and heavy rains. ($1=6.892 Yuan) (Reporting by Alfred Cang; Editing by Lucy Hornby and Peter Blackburn)
Resource from Thomson Reuters |
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