Baoshan Iron & Steel Co Ltd net profit slumped 36.9% in the first six months of 2020, pressured by the coronavirus pandemic and climbing raw material prices. The company reported net profit of 4.0 billion yuan for the first half, down from 6.34 billion a year earlier, while revenue fell 7.9% to 129.8 billion yuan. In the first six months, Baosteel produced 22.43 million tonnes of steel products, down from 24.3 million in year-earlier period.

 

For the period from April to June, Baosteel earned 2.47 billion yuan, a jump of 60.6% from the first quarter, but still well below net profit of 3.46 billion yuan in the year-earlier period.