On March 7, Guangdong Province,
China-based Baocheng Investment Co. announced that in 2013 both its operating revenue and net profit indicated significant declines, with net profit amounting to RMB 2.8252 million ($461,634), decreasing by over 80 percent year on year.
Baocheng Investment’s main business includes sales of metal ores, finished steel and machinery and equipment, and thus its business performance is closely related to steel market conditions.
According to its statement, last year the company did not create new products and develop new business, but mainly focused on its steel
trading business. In 2013, Baocheng Investment’s revenues from sales of finished steel amounted to RMB 596 million ($97.4 million), up 10.63 percent year on year.