Baotou Steel's rare earths profit to drop 50%

Baotou Steel Rare-Earths (Group) Hi-Tech Co's net profit in 2012 is expected to decline about 50 to 60 percent, according to a preliminary financial report the company issued on Tuesday.

The exact figure will be released in the company's final annual report.

Rising material costs, dropping rare earths prices, and declining turnover contributed to the profit decline, the company said.