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Baosteel's first-half profit down 92.7%
(Xinhua)
Updated: 2009-08-29 16:28 Baoshan Iron & Steel, the listed unit of China's biggest steel maker, reported a net profit of 669 million yuan ($98 million) in the first half, down 92.77 percent year-on-year. The Shanghai-listed unit of Baosteel Group Corp said in its first-half report late Friday that it realized revenues of 65.48 billion yuan.
It's parent company, Baosteel Group, said Friday it had agreed to pay 285.6 million Australian dollars ($240.7 million) for a 15-percent stake in Australian miner Aquila Resources. Baosteel will buy up to 43.95 million shares in Aquila at 6.5 Australian dollars a share. The deal, which will make Baosteel the second-biggest shareholder in Aquila, is still to get approval from Australian and Chinese regulators. (For more biz stories, please visit Industries)
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