On January 20, Shanghai-based Chinese steelmaker Baosteel has announced in a preliminary annual report that in 2015 its operating revenue totaled RMB 164.129 billion ($24.94 billion), down 12.60 percent year on year, with a net profit of RMB 961 million ($146.05 million), declining by 83.40 percent year on year.
Baosteel stated that slack demand from downstream users, the ongoing declining trend of finished steel prices and the devaluation of the Chinese currency have squeezed the company’s profitability.