OREANDA-NEWS. January 24, 2012. Baoshan Steel said in its unaudited 2010 results the company had attributable net profit of 7.30 billion yuan, or 0.42 yuan in basic earnings per share, down 43.35 percent, over the previous year. Sluggish distributor and end-user demand was said to be the main reason behind the profit reduction.

The CISA noted its member producers merely posted a combined profit of 1.4 billion yuan in October and 1.22 billion yuan in November, with profit margin of 0.48 percent and 0.43 percent respectively. A third of its members were reportedly operating in deficit during the period.

The good news was that the daily crude steel output went down by 2.38 percent week-on-week to 1.63 million tons nationwide during December 20-31, the lowest level of the year. Small-medium mills were taking greater efforts to cut production.