Baosteel Subsidiary Reports Profits Fell Three-Quarters Last Year

(Beijing) – The Shanghai-listed subsidiary of state-owned Baosteel Group Corp. said its profits last year dropped by more than three-quarters year-on-year to 1.8 billion yuan due to lower prices and a much weaker yuan.

Baoshan Iron & Steel Co. Ltd. said in a financial report released on January 19 that revenues also slipped, down by 12.6 percent to 164 billion yuan. Prices for steel products fell greater than prices for iron ore last year, the firm said, drastically squeezing profits.