China Top Steel Maker In Its Lowest – Reuters

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Baosteel, China’s top steel maker, reported a 55.4 percent fall in first-quarter earnings on Saturday, its worst quarterly profit in 14 quarters, as high iron ore costs and low steel prices eroded margins.

Baoshan Iron and Steel Co. Ltd., the world’s sixth-largest steel maker by output, posted net earnings of 1.37 billion yuan ($171 million) in the three months to March, versus 3.07 billion yuan a year earlier, said in a filing to the Shanghai .

The result was roughly in line with a median forecast of 1.4 billion yuan from six analysts surveyed by Reuters.

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