COVID19 affects Baosteel’s net profit in the first half of 2020

Net profit of Baoshan Iron & Steel Co Ltd fell by 36.9% in the first six months of 2020 under the pressure of the coronavirus pandemic and rising raw material prices. The company’s net profit for the first half was 4.0 billion yuan, up from 6.34 billion a year earlier, while revenues fell 7.9% to 129.8 billion yuan. Baosteel produced 22.43 million tonnes of steel products in the first six months, up from 24.3 million tonnes a year earlier.

Baosteel earned 2.47 billion yuan in the April-June period, up 60.6% from the first quarter, but still well below the 3.46 billion yuan net profit in the same period last year.

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