Baosteel Q1 profit down 60% amid weak market

Apr 28, 2012 | 02:20 AM |

Baosteel’s net profits for the first quarter plunged 60% year-on-year as a slowdown in Chinese economic growth and weak end user demand left the steel major uncertain of a recovery in the second quarter. Net profit was 1.22 billion yuan ($193 million) for the first three months of 2012, down from3.07 billion yuan a year earlier. During the first quarter of 2012, Chinese economy grew at 8.1% y-o-y, the slowest pace in almost four years, and demand from property and other steel consuming sectors slowed further. "The continued tight housing market regulations and weak demand from end users has dented profit margins of steel mills,” a....

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