Inner Mongolia-based Chinese steelmaker Baotou Steel Union Co., Ltd. (Baotou Steel Union) has issued its financial report for the first three months this year, stating that its operating revenue amounted to RMB 15.433 billion ($2.1 billion) in the given period, down 13.04 percent year on year, while it recorded a net profit of RMB 44.9643 million ($6.2 million), down 29.33 percent year on year.
The company stated that increased competition in the steel industry, slack demand from downstream users, and declining finished steel prices in the given period contributed to the decreases in its profitability.