Baosteel sees weaker 2014 revenues

Chinese steelmaker Baosteel posted slightly lower revenues for 2014 against a year earlier, while its profit was almost unchanged.

Sales by Baosteel last year fell by 0.84pc to 188.42bn yuan ($30.4bn), while its profit rose by just 0.08pc to Yn5.82bn.

Baosteel has been insulated from the slowdown in China's real estate sector as it makes only flat steel products, although growth in China's manufacturing sector has also been affected by the country's slower pace of economic growth. The company has a market share of around 50pc in China's auto steel market.

Profitability was affected by the lower market prices of its products, Baosteel said. An overhaul of its blast furnace and equipment at its main production line also contributed to the weaker sales.

pb/rjd

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