On March 30, Shanghai-based Chinese steelmaker Baosteel announced in its annual report that in 2015 it registered an operating revenue of RMB 163.79 billion ($25.32 billion), down 12.61 percent year on year, with a net profit of RMB 1.013 billion ($0.16 billion), decreasing by 82.51 percent year on year.
Baosteel stated that slack demand from downstream users, the declining trend of finished steel prices and the devaluation of the Chinese currency squeezed the company’s profitability in the given year.