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Baosteel’s net profit slumps 83% in 2015
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BAOSHAN Iron and Steel Co, China’s largest listed steelmaker, saw a 83 percent plunge in its 2015 net profit, reflecting a general slowing in the industrial sector.
State-owned Baosteel attributed the plunge to sluggish demand, steel price declines — which outpaced a fall in the price of raw materials — and higher foreign exchange losses, according to preliminary figures submitted yesterday to the Shanghai Stock Exchange.
The company’s net profit was 961 million yuan (US$146 million) in 2015, down 83.4 percent from a year earlier, it said. Business revenue fell 12.6 percent year on year to 164.1 billion yuan.
Baosteel’s financial report came hours after China released its economic data for 2015, which showed the economy grew 6.9 percent last year, its slowest pace in a quarter of a century. Industrial production growth slowed to 6.1 percent last year from previous double-digit rates.
The moderation is a by-product of efforts to steer the Chinese economy away from a manufacturing and credit-fueled growth model to one based more on innovation, the service sector and consumer spending.
Baosteel’s share price surged 3.08 percent to 6.02 yuan yesterday, and the Shanghai Composite Index climbed 3.22 percent, despite the growth data.
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