Chinese steelmakers see first-half profits slide amid surging iron ore prices, coronavirus outbreak
Chinese steelmakers see first-half profits slide amid surging iron ore prices, coronavirus outbreak

Chinese steelmakers see first-half profits slide amid surging iron ore prices, coronavirus outbreak

 

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Chinese steelmakers see earnings slide in the first half of the year pressured by surging prices of iron ore, the key raw material for the sector, as well as weak demand amid the coronavirus pandemic.

Baoshan Iron & Steel Co Ltd , China’s top listed steel producer, said its net profit slumped 36.9 per cent year over year in the first six months of the year.

The steelmaker reported net profit of 4 billion yuan, down from 6.34 billion in the same period last year, showed a filing to the Shanghai Stock Exchange . . .

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