Major Chinese steelmaker Baosteel has issued its financial report for the January-September period this year. Accordingly, Baosteel registered an operating revenue of RMB 242.856 billion ($34.1 billion) for the first nine months this year, down 4.77 percent year on year, while posting a net profit of RMB 5.882 billion ($0.83 billion), down 29.56 percent year on year.
In the July-September period this year, Baosteel realized an operating revenue of RMB 79.605 billion ($11.2 billion), down 6.53 percent year on year, while posting a net profit of RMB 1.338 billion ($0.19 billion), down 64.77 percent year on year.
In the July-September period this year, Baosteel’s production of pig iron and crude steel amounted to 12.558 million mt and 13.304 million mt, declining by 1.54 percent and 4.1 percent year on year, while its finished steel sales came to 12.991 million mt, down 3.09 percent year on year.
In the given period, finished steel prices dropped more quickly than raw material prices, causing Baosteel’s profitability to decline.
Meanwhile, the steel industry saw an overall decrease in profitability in the given period, with most steelmaking enterprises recording year-on-year declines in profits.