Chinese steelmaker Baoshan Iron & Steel reports its Q3 net profit fell 4.8% vs. analyst...

|By:, SA News Editor

Chinese steelmaker Baoshan Iron & Steel reports its Q3 net profit fell 4.8% vs. analyst expectations for a surge, citing weak macroeconomic conditions weighing on construction, shipbuilding and automaking industries. The news could foreshadow a rough Q3 for big steel firms: ArcelorMittal (MT) is expected to swing to a loss, while U.S. Steel (X) is expected to barely eke out a profit.