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BEIJING, Aug. 22 (Xinhua) -- Wuhan Iron and Steel Company Ltd., the listed subsidiary of China's third largest steel maker, said Sunday that its net profit rose 90.43 percent year on year to 963.53 million yuan (141.7 million U.S. dollars) during the first half of the year as strong economic growth boosted steel demand and prices.The company's first-half-year sales reached 34.36 billion yuan, up 50.72 percent from one year earlier, it said in a statement delivered to the Shanghai Stock Exchange.However, costs also climbed in the first six months compared with a year earlier because of increases in raw material prices, it said.Production costs for steel products gained 47.12 percent year on year to 31.18 billion yuan. Further, the company's steel output in the first half of the year gained 29.75 percent year on year to 8.04 million tonnes.China's producer price index, a major gauge of inflation at the wholesale level, rose 6 percent in the January-June period, according to statistics released by the National Bureau of Statistics.However, the company was likely to face a "difficult time" in the second half of 2010 and meeting its full-year profit target would become a "challenging task" as demand from auto, home appliance and real estate sectors experienced "drastic changes" since July, leading to more restrained sales and falling prices, it said.Company officials also worried that high prices of iron ore, coal and electricity would further push up production costs and squeeze profit margins.On Friday, the price of its shares fell 2.87 percent to 4.73 yuan on the Shanghai bourse.

BEIJING, July 7 (Xinhua) -- Agricultural Bank of China (ABC), the last of the country's largest four banks to go public, announced Wednesday that it has set its A-share initial public offering (IPO) price at 2.68 yuan per share, hitting the high end of its IPO price range.The pricing of the shares means the bank could raise up to 10.12 billion U.S. dollars via the Shanghai portion of the IPO, as a greenshoe option has been exercised to expand the deal by 15 percent to 25.57 billion shares, ABC said in a statement filed with the Shanghai Stock Exchange.ABC plans a dual listing in Shanghai and Hong Kong in mid-July to replenish its capital base after a lending spree last year.It has yet to set the final IPO price for its Hong Kong portion, where it plans to sell 25.41 billion shares, excluding an over-allotment option.ABC set the price range for the Hong Kong portion at 2.88 to 3.48 HK dollars in late June.

BEIJING, June 9 (Xinhua) -- Donations for quake relief in Yushu,northwest China had hit 7.529 billion yuan (1.1 billion U.S. dollars) in cash and material, according to the Ministry of Civil Affairs Wednesday.The donations included nearly 6.8 billion yuan in cash and materials worth 730 million yuan, said a statement from the ministry.The 7.1-magnitude earthquake that hit Qinghai Province's Yushu prefecture on April 14 had left 2,698 dead, with 270 people still missing, said Zhang Guangrong, vice governor of Qinghai, on May 31.

BEIJING, Aug. 23 (Xinhua) -- Chinese Vice President Xi Jinping has called for more efforts to promote the building of Communist Party of China (CPC) organizations at grassroots level and in non-public-owned enterprises. Xi, also a Standing Committee member of the Political Bureau of the CPC Central Committee, made the remarks during his inspection tour in Beijing on Monday.The Party organizations and the Party members should be given full play to promote the core business of the enterprises, Xi said. Chinese Vice President Xi Jinping (R, front), who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, shakes hands with a foreign employee during his inspection in the Financial Street in Beijing, capital of China, Aug. 23, 2010. Xi Jinping made an inspection tour in Beijing on Monday.Xi also noted the working methods of Party building should be improved by both maintaining the fine tradition and continuing reforms and innovation to suit the current new situation of diversified social organizations, increasing migrant populations and widespread information networking.Xi urged the deepening of the reforms of the Party personnel system to improve the Party personnel management and optimize its human resources, and to promote the willingness, courage and competence among Party cadres.During his inspection tour, Xi visited Zhongguancun district, the hi-tech center in Beijing, and the Beijing Financial Street, the city's financial hub.Xi also took a trip on the city's subway to review the planning, construction and operation of the subway.He called for efforts to build Beijing into an attraction for renowned international enterprises and international talents as well as a city with advanced socialist culture and harmonious livings.