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Sunday, January 15, 2012

China's Baosteel FY11 net profit slumps 43.4 pct

Sat Jan 14, 2012

SHANGHAI Jan 14 (Reuters) - Baoshan Iron & Steel Co Ltd, China's biggest listed steelmaker, said on Saturday its 2011 net profit fell 43.4 percent to 7.3 billion yuan ($1.2 billion).

The firm said in a filing to the Shanghai stock exchange it achieved total revenue of 223.1 billion yuan, up 10.2 percent from the previous year. Its basic earnings per share for the year was 0.42 yuan.

Baoshan Iron & Steel said earlier in the month it will keep its main steel product prices steady in February from January but was guarded about the market's outlook.

With no signs that steel demand in the world's top steel producer will improve in the near term, the Shanghai-based steel company remained cautious over the market's prospects in early 2012 after raising prices slightly for January. ($1 = 6.3066 Chinese yuan)
(sourced Reuters)

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