Reuters reported that Chinese rare earth producer Baotou Steel Rare-Earth (Group)’s Q3 profits fell by 90 percent.
As quoted in the market report:
Inner Mongolia-based Baotou Steel Rare-Earth (Group) Hi-Tech Co, China’s top rare earths producer, reported the following results for the period from July through September (in millions of yuan unless stated otherwise): Q3 2012 Q3 2011
Net profit 120 1,153
Revenue 1,965 4,111