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Baoshan Steel reports profit loss in 2009

(Xinhua)
Updated: 2010-01-17 16:05
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SHANGHAI: Net profit in Baoshan Iron & Steel Co., China's biggest steel marker, declined 11 percent year-on-year to 5.75 billion yuan ($842 million) in 2009.

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Its total revenue stood at 148.3 billion yuan last year, down 25.95 percent from a year earlier, said the Shanghai-based company in an annual business report filed to the Shanghai Stock Exchange Saturday, without giving reasons for the losses.

China's steel product prices underwent frequent fluctuations last year, against the backdrop that the world economic recession reduced steel demand both at home and abroad.

The composite price index, a major gauge of the country's steel price, declined to 107.2 points at the end of December, 72.7 percentage points lower compared with its 179.9 points peak on August 5.