China’s leading steel producer, Baoshan Iron & Steel (Baosteel), reported a nearly 65pct drop in net profit for the third quarter, primarily due to declining steel prices.
In a filing to the Shanghai Stock Exchange, the company stated that its net profit was 1.34 bln yuan (USD 187.8 mln), down from 3.8 bln yuan in the same quarter last year.
For the first nine months of the year, Baosteel’s net profit decreased by 29.56pct compared to the previous year, totaling 5.88 bln yuan (USD 823.9 mln).
In the July-September quarter, Baosteel produced 12.56 mln tons of pig iron and 13.3 mln tons of steel. For the first nine months of the year, production reached 36.68 mln tons of pig iron and 39.61 mln tons of steel. The company reported export orders of 4.66 mln tons during the first three quarters.
1 USD / 7.13 yuan
