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Baotou Steel sees 748m yuan loss in H1

(chinadaily.com.cn)
Updated: 2009-08-21 17:29

Inner Mongolian Baotou Steel Union Co Ltd reported a 748 million yuan ($109 million) loss in the first half of this year, compared with the 1.10 million yuan net profit in the same period last year, the Shanghai-listed company said in its interim report Thursday.

Baotou Steel said its operating revenue fell 12.45 percent to 17.30 billion yuan in the first half of 2009, and it expects losses in the third quarter to reach 200 million yuan to 1 billion yuan.

The steel maker produced 4.82 million tons of iron, 5.02 million tons of steel and 4.79 million tons of billet, marking year-on-year increases of 5.34 percent, 7.56 percent and 7.69 percent respectively.

Its shares closed at 4.68 yuan Friday, up 1.52 percent from the previous trading day.