Baoshan Iron & Steel Co Ltd, China's biggest listed steelmaker, said on that its 2011 net profit fell by 43.4% YoY to CNY 7.3 billion (USD 1.2 billion).

BaoSteel achieved total revenue of CNY 223.1 billion up by 10.2% YoY

Baoshan Iron & Steel said earlier in the month it will keep its main steel product prices steady in February from January but was guarded about the market's outlook.

With no signs that steel demand in the world's top steel producer will improve in the near term, the Shanghai-based steel company remained cautious over the market's prospects in early 2012 after raising prices slightly for January.

(Soured from Thomson Reuters)