Baosteel, the second largest steelmaker in China announced that its net profits rose to RMB8.39 billion from RMB2.01 billion in the same period of a year earlier, boosted by a one-off sale of assets to its parent Baosteel Group.
However, the firm's net profits, excluding the non-recurring profits in the first half of this year was at RMB2.38 billion, slumping by 53% year on year.
For the prospect, Baosteel predicted that the steel prices would remain under pressure for the rest of this year.