Baoshan Iron and Steel Co Ltd said on Tuesday its third-quarter net profit decreased 4.88 percent year-on-year to 1.18 billion yuan ($188 million).

Net profit was 10.79 billion yuan in the first nine months of the year.

In a filing with the Shanghai Stock Exchange, the company, known as Baosteel, also said it will relocate its Corex plant in Luojing near Shanghai.

The company will suspend production at the Corex iron-making plant and will transfer the assets and key technology to its parent Baosteel Group.

In 2008, Baosteel spent 14 billion yuan to buy Corex from its parent Baosteel Group. The facilities will now be relocated to Xinjiang Bayi Iron & Steel, a subsidiary of the Baosteel Group.

Baosteel's board of directors also approved a proposal to buy a 71.8 percent stake in a Zhanjiang steel project from the State-owned Assets Supervision and Administration Commission of Guangdong province.