REPEAT/Progress on Operating Strategies.LOS ANGELES--(BUSINESS WIRE)--Oct. 8, 1998--China Pacific Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap:CHNA CHNA Community Health Network Area CHNA Community Health Needs Assessment CHNA Canadian Holistic Nurses Association CHNA College Hill Neighborhood Association CHNA Castleberry Hill Neighborhood Association CHNA Converium Holdings North America )(NASDAQ SmallCap:CHNAD) (the "company") has announced the completion of installation of a continuous casting Continuous casting is a refinement of the casting process for the continuous, high-volume production of metal sections with a constant cross-section. It allows lower-cost production of metal sections with better quality, due to finer control through automation of the casting machine and its peripheral equipment at Chengdu Chengkang Iron & Steel ("Chengdu Steel"), the company's 60% owned joint venture subsidiary. Installation of the continuous casting machine and its supporting equipment is expected to eliminate the need for the molding, cutting, and cogging processes in steel wire production. As a result, steel wastage wastage a loss of product or productivity; in terms of animal production includes losses due to deaths of animals, lowered production from survivors, including reproduction, and lost opportunity income. wastage Fetal wastage, see there is expected to be reduced by approximately 10-15%. The costs of production in terms of material usage are expected to reduce approximately Rmb100 per metric ton or Rmb20 million per year. "The installation of the continuous casting machine, together with its supporting equipment, is expected to enhance the efficiency of steel wire production at Chengdu Steel," stated Thomas Tong tong 1 tr.v. tonged, tong·ing, tongs To seize, hold, or manipulate with tongs. [Back-formation from tongs. , the acting president and chief financial officer of the company. Tong went on to state, "technology improvement and cost reductions are among the key strategies for improving results of Chengdu Steel." China Pacific is a leading producer of steel and iron products in Sichuan Province, the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, through its majority interest in Chengdu Steel. Additional corporate information is available at the company's web site - www.chinapacific.com, or contact: China Pacific Inc. - Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. office Tel: 562/433-1882 The information in this press release includes certain `forward looking' statements within the meaning of the `Safe Harbor' provisions of the federal securities law. Although the company believes that the expectations reflected in its forward looking statements are reasonable, it can give no assurance that such expectations or any of its forward looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's limited operating history, the uncertainty of market, the impact of competitive products and pricing, and general economic and political risks. |
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