Baosteel posts net profit of RMB 12.89 billion in 2010

According to major Chinese steelmaker Baosteel's annual report, in 2010 the sales revenue of the company reached RMB 202.149 billion ($30.86 billion), up 36.29 percent year on year, while its net profit totaled RMB 12.889 billion ($1.97 billion), up 121.61 percent year on year.
 
In 2010, Baosteel sold 25.261 million mt of semi-finished steel. Its cold rolled auto plate sales volume in the given year was 4.5 million mt, up 35.8 percent year on year.
 
Baosteel stated that it expects global finished steel demand to indicate a decrease in 2011, while the Chinese steel industry will still be characterized by excessive output capacity. At the same time, the fluctuation of steel prices and raw material prices will be more severe, according to Baosteel, while inflation and rising iron ore and coke costs will place more pressure on steelmakers.