News Room - Steel Industry

Posted on 30 Mar 2009

China`s Baoshan Iron & Steel sees net profit down 47.9% in 2009

Baoshan Iron & Steel, the listed unit of China's biggest steel maker Baosteel Group Corp, reported net profit of 6.99 billion yuan (US$1.02 billion) in 2008, down 47.9 per cent year-on-year.

 

The steel maker said in its annual report Saturday that total profit had plunged by 55.1 per cent last year to 8.67 billion yuan, while revenues rose 4.9 per cent to 200.85 billion yuan.

 

"China's steel firms will face challenges in the long run, including excessive production capacity, lack of natural resources and high costs," the report said.