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在线翻译:
szdaily -> Business/Markets -> 
Baosteel posts first quarterly profit drop since 2015
    2019-04-26  08:53    Shenzhen Daily

BAOSHAN Iron and Steel Co. posted a 46 percent fall in net income in the first quarter from a year ago, its first drop in profit since 2015, and said it expects lower revenue in 2019 citing China’s sluggish auto industry.

The country’s largest listed steelmaker, also known as Baosteel, reported a net profit of 2.73 billion yuan (US$406.21 million) in the first three months of 2019, a statement filed to Shanghai Stock Exchange showed late Wednesday. That compares with 5.02 billion yuan in the same period in 2018.

Revenue in the first quarter fell 3.1 percent from a year ago to 65.38 billion yuan, the company said.

Rising iron ore prices was fuelled by concerns over tight supply following a tailings dam burst at Brazilian miner Vale SA, killing hundreds of people, and a tropical cyclone in Western Australia, causing disruption to operations at iron ore mines and damage to port facilities.

China’s automobile sales fell 11.3 percent in the first quarter from a year earlier, the China Association of Automobile Manufacturers said earlier this month.

In the first three months of the year, Baosteel produced 11.22 million tons of iron and 11.84 million tons of steel.

In a separate filing Thursday morning, Baosteel said it expected annual revenue to fall to 273.1 billion yuan. That compares with 304.78 billion yuan in 2018.

“Strong steel demand is expected in 2019 amid booming infrastructure demand. But we would face big challenges on auto sheet metal, a major profit-making sector in our firm, due to impacts from weak auto demand, electric vehicle transition and policy changes on auto imports tariffs,” it said. (SD-Agencies)

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