Anglo-Dutch steel maker Corus Group PLC on Thursday reported an annual net profit for the first time thanks to strong global demand led by China. Corus, formed from the merger of British Steel and Dutch firm Hoogovens in 1999, said it made a net profit of 446 million pounds (US$859 million; ¤641 million) in the year to Jan. 1. That compared with a net loss of 305 million pounds in the same period a year ago. Turnover, including Corus' share of joint ventures, rose 17 percent to 9.63 billion pounds (US$18.55 billion; ¤13.82 billion). Sales volume for steel was unchanged from 2003 at 21 million tons, but selling prices increased sharply thanks to rising global demand. Earnings per share were 9.41 pence (18.13 US cents; 13.51 euro cents), compared with a loss per share of 9.25 pence last year. It was the first time Corus has reported a net profit since its formation six years ago, said spokeswoman Annanya Sarin. --more 1307 Local Time 1007 GMT
