According to the Shanghai stock exchange, Baoshan Iron & Steel, the listed unit of China’s biggest steel maker, has reported that its 2009 net profit fell 11 percent.
The subsidiary of Baosteel Group Corp said in a brief statement on the stock exchange’s website that its net profit in 2009 dropped to 5.8 billion yuan (850 million dollars) compared with 6.5 billion yuan the previous year.
The steelmaker gave no reasons for the drop.
Revenue also fell 26 percent to 148.5 billion yuan from 200.6 billion a year earlier, the company said in the statement posted Saturday.
Baoshan Iron had said earlier last year that it expected its revenue to drop in 2009.
China’s steel industry has suffered from the global financial crisis, which has impacted on demand for steel both domestically and abroad.
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