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Baosteel revenue may drop 27% this year

By Jiang Wei (chinadaily.com.cn)
Updated: 2009-03-31 15:13

Baoshan Iron and Steel Co (Baosteel), China's top steelmaker, predicted its revenue would reach 145.7 billion yuan ($21.33 billion) this year, down 27.4 percent from a year ago, the company told an online briefing on Monday.

The company attributed the possible decrease to weak demand and declining steel prices.

Baosteel posted a net profit of 6.46 billion yuan last year, down 49.21 percent from a year ago, it said in the annual report over the weekend. Revenue stood at 200.85 billion yuan, up 4.74 percent year-on-year.