OREANDA-NEWS. April 05, 2011. The Directors of Burwill Holdings Limited (the “Company”) are pleased to present the audited consolidated income statement and consolidated statement of comprehensive income of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2010 and the consolidated balance sheet of the Group as at 31 December 2010, together with the comparative figures as restated for 2009, reported the press-centre of Burwill Holdings.

Steel business
In the first quarter of 2010, the global economy started to recover gradually and liquidity improved. A solid global demand for steel had been driving up prices. Demand for steel has increased further despite policies by the Chinese government in energy conservation and emission reductions, as well as production capacity controls in steel. Domestic demand had also surged because of urbanization, construction of high-speed railway and rural policies over home appliances. In addition, as negotiations of iron ore prices came to a halt, the traditional annual price fixing mechanism was actually abolished. The big three mining companies have now adopted a quarterly price fixing mechanism which boosts iron ore prices considerably, driving up the production cost of steel enterprises and therefore steel prices. The Group’s international trading business recorded satisfactory results in the first quarter.

Full report see here: http://burwill.todayir.com/attachment/20110325230201001171878_en.pdf