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Baosteel sees stainless, carbon steel losses in Q4

Wed Oct 29, 2008 7:01am EDT

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SHANGHAI, Oct 29 (Reuters) - Baoshan Iron and Steel Co (600019.SS), the listed unit of China's largest steel maker, said on Wednesday that it expected losses on its carbon steel products in the fourth quarter of this year due to slumping prices.

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The company also said its stainless steel products, which were in the red in the third quarter ended in September, would continue to post losses in the fourth quarter.

The global economic slowdown and a domestic housing slump have hit both China's steel demand and its exports. Top steel mills have cut output by up to one-fifth and lowered their steel prices.

The China Iron and Steel Association stated recently that the country's steel sector suffered overall losses this month and predicted that trend would continue in the last two months of this year. (Reporting by Alfred Cang; Editing by Edmund Klamann)

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