Shanghai-based major Chinese steelmaker Baosteel has announced that in the first half of the current year it registered an operating revenue of RMB 80.771 billion ($12.62 billion), down 17.24 percent year on year, with a net profit of RMB 3.174 billion ($0.50 billion), up 0.65 percent year on year.
In the given period, Baosteel produced 10.725 million mt of pig iron and 10.994 million mt of crude steel, while it sold 10.699 million mt of finished steel, indicating declines of 1.52 percent, 1.39 percent and 4.59 percent year on year, respectively.
Baosteel stated in the report that it foresees a 50-60 percent decline year on year in its net profit in the January-September period this year, mainly due to the devaluation of the Chinese currency and the imbalance between supply and demand in the Chinese domestic finished steel market.