Baosteel braces for shocks

Shanghai-based Baoshan Iron and Steel Co, China's largest listed steelmaker, said on Tuesday that it has taken enough measures to guard against further losses from currency swings.

Dai Zhihao, general manager of the Shanghai-based company, said that the company's profits fell by about 18 percent in the past few months due to the currency rate reform. The government changed the reference rate for the yuan against the United States dollar by 1.9 percent on Aug 11.

"Baosteel has taken actions to cope with the resultant changes," Dai said. "We have also accepted the results from the two-day yuan depreciation."