Baosteel's Q3 net profits slump 30% YoY

Baoshan Iron & Steel Co., Ltd. (Baosteel), the listed arm of the world's largest steelmaker by capacity, China Baowu Steel Group (Baowu), saw its net profits attributable to shareholders for this year’s July-September quarter decline by a sharp 29.7% on year to Yuan 2.17 billion ($325 million), according to the company's latest quarterly report released on October 28.

The Q3 net profits are also lower by 7.6% from the second quarter, Mysteel Global calculated based on the company's previous reports. Although the Shanghai-based mill gave no explanation for the decline, the release hinted at elevated raw material costs as a cause, given that the company's business revenue for