Shanghai-based Chinese steel giant Baosteel has announced a net profit of RMB 1.242 billion ($196 million) for the third quarter of the current year, down 51 percent year on year. In addition, in the January-September period this year Baosteel's net profit totaled RMB 6.321 billion ($995 million).
Baosteel stated that the profit in the overall domestic steel industry declined in the third quarter compared to the previous quarter due to the slow demand recovery in downstream industry and the high prices of raw materials.