Baoshan earns less
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Bloomberg News, October 29, 2011
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Baoshan Iron and Steel Co, China's biggest publicly traded steelmaker, yesterday said third-quarter profit fell 51 percent as rise in raw material costs outpaced product price gains.
Net income fell to 1.24 billion yuan (US$195 million) from 2.55 billion yuan a year earlier, the Shanghai-based company said in a statement to the city's stock exchange. Sales rose 9.7 percent to 56.2 billion yuan.
The average price for iron ore, a steel ingredient, for immediate delivery to China climbed 26 percent in the third quarter, and contract prices the Chinese steelmakers paid Vale SA, Rio Tinto Group and BHP Billiton Ltd remained near record levels.
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