Chinese steel giant Baosteel has issued its financial report for 2011. Accordingly, its net profit in 2011 amounted to RMB 7.362 billion ($1.169 billion), down 42.79 percent compared to 2010. Meanwhile, Baosteel's sales revenues in the given year totaled RMB 222.857 billion ($35.385 billion).
Baosteel said that in 2011 steel industry profit margins were squeezed as prices of iron ore and other raw materials rose significantly, with imported iron ore prices up 28.2 percent as compared to 2010.
For the current year, Baosteel expects that its sales revenues will total RMB 216 billion ($34.30 billion), while its targeted outputs of pig iron and crude steel for the year are 23.25 million mt and 25.25 million mt respectively.