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 [...]