Lower raw ma­te­rial costs keep Baos­teel in black

China Daily (Canada) - - BUSINESS -

Baoshan Iron & Steel Co posted its big­gest profit in five quarters as China’s largest pub­licly traded steel­maker ben­e­fited from raw­ma­te­rial costs that fell faster than steel prices. Third-quar­ter net in­come climbed to 1.86 bil­lion yuan ($304 mil­lion) from 938.7 mil­lion yuan a year ear­lier, the company said on Thurs­day in an ex­change fil­ing. Sales fell to 46.1 bil­lion yuan from 46.2 bil­lion yuan. Steel­mak­ers are gain­ing from a drop in iron ore costs after in­creas­ing sup­plies from min­ers in­clud­ing Rio Tinto Group and Vale SA spurred a global glut. cap­i­tal. Its core Tier-1 cap­i­tal ad­e­quacy ra­tio was 9.29 per­cent at the end of Septem­ber. The Beijing-based bank will sell as many as 2.46 bil­lion Shang­hai-listed A shares at 4.84 yuan each, sub­ject to adjustment, ac­cord­ing to a fil­ing to theHong Kong stock ex­change.

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