Minmetals' annual profits drop 37 percent

China Minmetals Corp, the nation's largest metals trader, has recorded a 37 percent drop in annual profits to 8 billion yuan ($1.3 billion), which it blamed on falling global commodity prices and a domestic economic slowdown.

Revenue last year was 325 billion yuan, said President Zhou Zhongshu, during the company's annual work conference in Beijing.

"China's economic slowdown has resulted in a decline in global commodity prices and a gloomy capital market, which has put unprecedented pressure on Minmetals' major businesses, including nonferrous metals, ferrous metal trading, and mining," said Zhou.