Wuhan Iron warns of profits declining by half

Wuhan Iron and Steel Corp, the listed unit of China's third-biggest steelmaker, said full-year profit may drop more than 50 percent compared to that of 2008, as the global economy hasn't substantially recovered and the steel market outlook remains uncertain.

The company reported a third quarter net profit of 546.6 million yuan, down 76 percent from 2.26 billion yuan a year earlier due to weak market demand and low sale prices, according to the statement.

Sales fell 33 percent to 13.9 billion yuan in the third quarter from a year earlier.