Baosteel sees 43% profit drop in 2011
Updated: 2012-04-05 17:28
(chinadaily.com.cn)
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Baosteel Inc has seen its net profits drop by 42.79 percent year-on-year to 7.36 billion yuan ($1.67 billion) in 2011, according to its newly-disclosed annual report. The company also said it plans to pay cash dividends of 2 yuan per 10 shares.
The company's gross revenue in 2011 increased to 222.86 billion yuan, up 10.1 percent year-on-year, the report shows.
China's iron and steel industry was squeezed by price hikes in raw materials – notably iron ore, whose import price jumped 28.2 percent year-on-year in 2011. Profit margins now stand at the lowest among all industries nationwide, which has caused an "era of meager profits" for the entire steel industry.
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