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Baosteel expects 2011 profit to fall 43%

Jan. 16, 2012 (China Knowledge) - Baoshan Iron and Steel<600019>, a leading steel producer in China also known as Baosteel, has said that it expects its net profit to plunge 43.35% year on year to RMB 7.3 billion in 2011.

The steel maker said in a statement filed with the Shanghai Stock Exchange that earnings per share were RMB 0.73 last year.

Baosteel said its unaudited revenue was RMB 223.12 billion in 2011, 10.2% more than that in 2010. The company did not give any comment on its 2011 performance.

In 2010, the company's net profit was RMB 12.89 billion and its operating revenue was RMB 202.41 billion.

Baosteel is a subsidiary of Shanghai Baosteel Group Corp, which is the country's second-largest steel maker by output after Hebei Iron and Steel Group.

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