Major Chinese steelmaker Baosteel has announced that it registered an operating revenue of RMB 232.436 billion ($32.7 billion) in the January-September period this year, down 4.29 percent year on year, while it posted a net profit of RMB 7.959 billion ($1.12 billion) for the given period, up 35.32 percent year on year.
The company stated that in the given period, steel prices have fallen less than raw-material prices, widening the buy-sell gap and contributing to the year-on-year rises in its net profit.
In the July-September period this year, Baosteel registered an operating revenue of RMB 81.064 billion ($11.4 billion), up 1.83 percent year on year, while it posted a net profit of RMB 3.081 billion ($0.43 billion) for the given period, up 130.31 percent year on year.
In the first nine months this year, Baosteel produced 36.48 million mt of pig iron, 38.787 million mt of crude steel, and 39.262 million mt of finished steel, decreasing by 0.5 percent, declining by 2.08 percent and rising by 1.97 percent, respectively, year on year.
