SHANGHAI, Aug. 25 (Xinhua) -- Baoshan Iron and Steel Co. Ltd. saw its net profit slump 38.19 percent year on year in the first half of 2019 amid falling profit margins.
Its net profit reached 6.19 billion yuan (874 million U.S. dollars) in the first six months, compared with 10 billion yuan in the same period last year, Baosteel said in its interim results report filed to the Shanghai Stock Exchange.
Over the period, the steel producer generated revenue of 140.88 billion yuan, down 5.16 percent from last year. It churned out 22.83 million tonnes of iron and 24.29 million tonnes of steel.
The first six months saw booming demand for long products while weak demand for flat products from the automotive industry, Baosteel said.
China's composite steel price index fell 4.6 percent year on year in the first half of this year.