On January 10, Shanghai-based Chinese steel giant Baoshan Iron and Steel Group (Baosteel Group) announced that its finished steel output in 2012 amounted to 43.74 million mt, compared to 44.27 million mt in 2011. In addition, Baosteel achieved sales revenues of RMB 285.6 billion ($45.8 billion) in 2012, with a gross profit of RMB 11.2 billion ($1.8 billion), down 40 percent year on year.