China’s Baoshan Iron & Steel (Baosteel) reported that its operating revenue totaled around RMB 183.66 billion in the first half of this year, growing by 0.18% compared to the same period a year ago. The net profit was RMB 7.791 billion, a year-on-year decrease of 48.4%. The basic earnings per share were RMB 0.35.

The decrease in Baosteel’s net profit was due to jumped raw material prices, which led to weak demand from downstream buyers and a slowdown in finished steel price growth.

In the first half of this year, Baosteel’s production of crude steel, finished steel, and pig iron totaled around 25.2 million tons, 24.1 million tons, and 23.1 million tons, sliding by 3.8%, falling by 5%, and up by 1.6% year on year, respectively.