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Baosteel sees 42.79% plunge in 2011 net profit

Apr. 2, 2012 (China Knowledge) - Baoshan Iron and Steel<600019>, a leading steel producer in China also known as Baosteel, said yesterday that its net profit fell 42.79% year on year to RMB 7.36 billion last year as gross profit margin was further squeezed.

Basic earnings per share were RMB 0.42 last year, and the steel maker proposed a dividend of RMB 2 per ten shares for 2011.

Operating revenue climbed 10.10% year on year to RMB 222.86 billion in 2011. Revenue from the steel making segment rose 9.35% year on year to RMB 190.74 billion last year, but the sector's gross profit margin fell 5.49 percentage points to 6.74% in the period.

In 2012, the company aims to realize RMB 216 billion in operating revenue and produce 23.25 million metric tons of iron, 25.25 million metric tons of crude steel and 24.25 million metric tons of steel products.

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