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SHANGHAI, Jan. 19 (Xinhua) -- Baoshan Iron and Steel Co. (Baosteel) http://www.chargersrookiestore.com/Chargers-Trevor-Williams-Jersey/ , China's largest listed steel maker, saw a 83-percent plunge in its 2015 net profit, reflecting a general slowing in the industrial sector.
State-owned Baosteel attributed the plunge to sluggish demand, steel price declines -- which outpaced a fall in the price of raw materials -- and expanding foreign exchange losses http://www.chargersrookiestore.com/Chargers-Tre-Boston-Jersey/ , according to preliminary figures submitted Tuesday to Shanghai Stock Exchange, where the company is listed.
The company's net profit reached 961 million yuan (about 144 million U.S. dollars) in 2015, down 83.4 percent from one year earlier, it said. Business revenue decreased 12.6 percent year on year to 164.1 billion yuan.
Baosteel's financial report came hours after China released its economic data for 2015 http://www.chargersrookiestore.com/Chargers-Travis-Benjamin-Jersey/ , which showed the economy grew 6.9 percent last year, its slowest pace in a quarter of a century. Industrial production growth slowed to 6.1 percent last year, from previous double-digit rates.
The moderation is a by-product of efforts to steer the Chinese economy away from a manufacturing and credit-fueled growth model to one based more on innovation, the service sector and consumer spending.
Baosteel's share price surged 3.08 percent to 6.02 yuan on Tuesday http://www.chargersrookiestore.com/Chargers-Spencer-Pulley-Jersey/ , and the Shanghai index climbed 3.22 percent, despite the growth data.
Australia's Brisbane Bullets beat China's national basketball Blue Team 89-83 in a friendly game on Tuesday. This marks the second consecutive defeat for China. [Photo: sohu]
By Will Koulouris
GOLD COAST, Australia, July 18 (Xinhua) -- Australia's Brisbane Bullets beat China's national basketball Blue Team 89-83 here on Tuesday in a friendly game.
Both teams started the game hard http://www.chargersrookiestore.com/Chargers-Russell-Okung-Jersey/ , with a lack of offensive firepower from either side as the teams struggled early on to find baskets - but two-time CBA champion Li Gen asserted himself in the early going by grinding in the post, and putting away an early and 1 despite considerable pressure from the on-ball defender.
After giving up points in the restricted area for the first five minutes, China coach Du Feng brought on center Han Dejun, and the 7 footer made an immediate impact with a quick two pointer.
The huge center's entry kick-started China into action http://www.chargersrookiestore.com/Chargers-Rayshawn-Jenkins-Jersey/ , with a flurry of quick transition points soon following - as the superior speed of the Chinese team was on full display.
Han was setting some extremely hard screens, and also gave China the interior presence they lacked, opened up lanes for the guards to exploit, and distributed the ball from the post to set up his teammates.
The big man asserted himself in the game and made up for lost ground - after missing the matchup in Melbourne - firing in low post points at will http://www.chargersrookiestore.com/Chargers-Philip-Rivers-Jersey/ , with the highlight of his play in the first being an absolutely devastating roll move into a powerful dunk.
Ren Junfei closed out the first with a three pointer in the final seconds to send the game into the second quarter with China holding onto a 6 point lead.
The start of the second was scrappy, with both sides playing a loose style of physical basketball that.