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Another day, another story of Chinese corporate profits getting decimated.
This time it’s Baosteel, which is China’s largest steelmaker. According to Reuters, first half profits fell 53%, and the company says that Q3 is going to be the worst quarter yet. What we’re seeing again and again is surging costs hammering margins, even when raw material prices have not been particularly bad. “The chairman of Baosteel’s board of directors, He Wenbo, said at the [...] By BRIAN BLACKSTONE And MARCUS WALKER Inflation fears—fueled by spiraling food, oil and raw material prices—are mounting around the globe, prompting the head of the European Central Bank to signal that it could raise interest rates in the future even though some countries have been weakened by the Continent’s debt crisis. Jean-Claude Trichet, president of the European Central Bank, pictured last week at a euro group finance [...] |
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China’s biggest steelmaker Baosteel cuts prices for first time in 2012
* Baosteel cuts July prices by 4 pct amid weak demand
* Share price falls nearly 3 pct
* Steel output cuts could follow (Adds details throughout, analyst comments)
By David Stanway
BEIJING, June 12 (Reuters) – China’s Baosteel will cut prices of its main products by around 4 percent in July, its first reduction this year as it responds to slackening demand in the world’s biggest steel consumer, sending its Shanghai-listed shares down [...]