Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that in the January-September period of the current year it registered an operating revenue of RMB 216.876 billion ($30.7 billion), down 3.75 percent year on year, and a net profit of RMB 8.874 billion ($1.25 billion), down 43.65 percent year on year.
Baosteel stated that the overall profitability of Chinese steelmakers declined in the given period due to rises in iron ore prices and decreases in finished steel prices. It also stated that in the third quarter of the year external market uncertainty increased due to the escalation of US-China trade frictions, which negatively affected the steel market in China and Baosteel’s performance.
Baosteel stated that it produced 34.623 million mt of pig iron and 36.723 million mt of crude steel in the first nine months of the year.