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Baosteel reports 57% drop in profit in first 9 months

Baoshan Iron & Steel Co Ltd - China's biggest listed steelmaker by market value - posted a 57 percent drop in net profit for the first nine months of the year as a faltering economic recovery and record steel production weighed on prices. Net profit was 4.64 billion yuan ($762 million) in the January-to-September period, the Shanghai-based company said in a filing to the Shanghai stock exchange. It did not provide profit figures for the July-September quarter. Based on its first-half results, Baosteel's profit in the third quarter was 940 million yuan ($154.47 million), down 20.3 percent from a year ago, according to Reuters calculations.

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