Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Baoshan Steel Quarterly Profit Declines on Steel Prices

Don't Miss Out —
Follow us on:

April 30 (Bloomberg) -- Baoshan Iron & Steel Co., China’s biggest publicly-traded steelmaker, said profit fell 7 percent in the first quarter after steel prices dropped.

Net income declined to 1.51 billion yuan ($241 million), from 1.63 billion yuan a year earlier, the company said yesterday in a statement to the Shanghai Stock Exchange. Sales rose to 46.7 billion yuan from 46.4 billion yuan, it said.

China’s biggest steelmakers had a combined loss of 2.3 billion yuan in the first quarter, according to the China Iron & Steel Association. The quarter was the “worst” for mills since 2000, the trade group said on April 28. Steel rebar futures in Shanghai in March fell to the lowest close since the contracts began trading in 2009 amid slowing demand and high inventories.

Overcapacity in the steel industry worsened in the first quarter as China’s economic activity remained weak, Baoshan Steel said in the earnings statement.

Baoshan Steel closed unchanged at 3.88 yuan yesterday in Shanghai trading, before the earnings statement, compared with a 0.8 percent increase in the benchmark Shanghai Composite Index. The stock has declined 19 percent over the past year.

To contact Bloomberg News staff for this story: Helen Yuan in Shanghai at hyuan@bloomberg.net

To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net Madelene Pearson, Joshua Fellman

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.