Fitch affirms Wuhan Iron & Steel

Fitch Ratings said it affirmed Wuhan Iron & Steel Co.'s foreign- and local-currency long-term issuer default ratings at BBB- and short-term issuer default rating at F3.

The outlook is stable.

The ratings reflect its position as the sole large scale producer of oriented silicon steel in China, with a market share of 60%, Fitch said.

The agency said it is concerned, however, with the uncertainty arising from the injection of steel assets to the company from parent company, Wuhan Iron & Steel Group Corp. In 2008, Wuhan Iron & Steel produced just over 50% of the group's total crude steel output, Fitch said.

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