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Baoshan Profit Drops on Slowing Demand From Automakers

Baoshan Iron & Steel Co., China’s biggest publicly traded steelmaker, said first-half profit dropped 37 percent because of slowing demand from automakers and rising prices of iron ore and coal.

Net income fell to 5.1 billion yuan ($799 million), or 0.29 yuan a share, in the six months ended June 30 from 8.05 billion yuan, or 0.46 yuan, a year earlier, the Shanghai-based company said today in a statement. That trailed the 6.06 billion yuan average estimate of five analysts surveyed by Bloomberg News.

Competition and high raw material costs depressed profit margins for China’s key steelmakers to 3.14 percent in the first half, compared with 3.54 percent a year ago, the China Iron and Steel Association said this month. Local vehicle sales growth has slowed this year, limiting steel demand. Baoshan has 50 percent of China’s market for auto steel.

“Baoshan was hit by slowing auto steel demand, which got worse after Japan ’s earthquake affected vehicle production,” said Li Xiaolu, a Shanghai-based analyst with Capital Securities Co. “Still, Baoshan’s more profitable than other domestic mills of flat products because its prices usually have a premium to the rivals.”

Baoshan dropped 0.2 percent to close at 5.33 yuan today in Shanghai , taking this year’s loss to 17 percent. The local benchmark index has fallen 9 percent in the same period. Baoshan’s revenue gained 13 percent to 111.1 billion yuan in the first half from a year ago, the statement said.

Angang Steel Co., the biggest Hong Kong-based steelmaker, last week said first-half profit tumbled 91 percent from a year earlier because of higher raw-material costs and slowing demand from automakers. Maanshan Iron & Steel Co. said first-half profit fell 70 percent.

Baoshan’s profit margin fell to 9.65 percent in the first half from 14.79 percent a year ago due to higher costs, the statement said. The company incurred losses in the heavy plate and specialty steel sectors during the period.

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