Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. (Baosteel) has announced that in the January-September period of the current year its operating revenue amounted to RMB 142.264 billion ($23.322 billion), down 2.42 percent year on year, while its net profit was RMB 4.642 billion ($0.7610 billion), down 56.99 percent year on year. Baosteel had witnessed a 61.47 percent year-on-year decrease in its net profit in the first half of the current year.
According to Baosteel, despite the steady improvement in the international economy and domestic economy in the first three quarters, there was no significant improvement seen in the steel industry. Thanks to slight rises in steel sales prices in the third quarter, the profits of large and medium-sized steelmakers improved, though the overall steel industry remained characterized by tight profitability in the quarter in question.