Baoshan Iron & Steel announces Q3 results

Baoshan Iron & Steel announces Q3 results

The Shanghai based Chinese steelmaker Baoshan Iron and Steel Co. Ltd announced its net profit as Yuan 1.52 billion for the third quarter of 2003, up by 17.5% compared to Yuan 1.29 billion recorded in the same period last year. In January-September period, net profit was Yuan 5.32 billion with a 101.7% increase when compared to Yuan 2.64 billion reported in the first nine months of 2002. Furthermore, the revenue rose by 37% to Yuan 32.5 billion in the aforementioned period. Company officials stated that the anti-dumping duties on imports of cold rolled steel sheet in coils that China contemplates to impose against Russia, South Korea, Ukraine, Kazakhstan and Taiwan will positively impact company's operations in the long term.