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Terence Bell

World's No. 2 Steelmaker Feels Raw Materials Pinch

By April 30, 2012

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The world's second largest steel maker, Baosteel, saw its net profits drop by over 40% in 2011.

The Fortune 500 company had net profits of 7.36 billion yuan (US$ 1.67 billion) last year, despite its gross revenue rising 10% over the same period to 222.86 billion yuan.

China's steelmakers have been feeling pressure from increasing raw material prices, which has led to recent efforts to set-up the first spot iron ore market.

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