BEIJING, Jan.17 (Xinhua) -- The China Minmetals Corporation, the country's leading metal producer, said Thursday that its profits last year reached 8 billion yuan (1.3 billion U.S.dollars), down from 12.77 billion yuan in 2011, due to price declines.
The company's business revenues in 2012 declined slightly to 325 billion yuan from 355.2 billion yuan in 2011, Minmetals said in a Thursday statement on its website.
The company's president Zhou Zhongshu said China Minmetals has faced unprecedented pressure due to falling prices for basic metals and raw materials on the global market.
China's domestic demand for metal ore has peaked and supply and demand relations in the market have reversed, making it difficult for metal producers to maintain profits, said Zhou.
Shares of the company dropped 3.07 percent to 16.74 yuan per share on Thursday.