On May 19, US-based credit rating agency Moody's downgraded the credit rating of Shanghai-based Chinese steelmaker Baosteel from A3 to BAA1. However, on the other hand, Chinese financial services company China Merchants Securities has stated that it believes that Baosteel’s share price will rise in the second quarter of the current year.
In the first quarter of the current year, Baosteel recorded an operating revenue of RMB 35.273 billion ($5.43 billion), down 14.77 percent year on year, with a net profit of RMB 1.529 billion ($0.24 billion), down 1.2 percent year on year.