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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