Baoshan Iron & Steel, the listed unit of China's biggest steel maker, reported a net profit of 669 million yuan (98 million U.S. dollars) in the first half, down 92.77 percent year on year.

The Shanghai-listed unit of Baosteel Group Corp. said in its first-half report late Friday that it realized revenues of 65.48 billion yuan.

The company predicted the steel industry would see an improving business environment as the country's economy had shown positive changes.

It's parent company, Baosteel Group, said Friday it had agreed to pay 285.6 million Australian dollars (240.7 million U.S. dollars) for a 15-percent stake in Australian miner Aquila Resources.

Baosteel will buy up to 43.95 million shares in Aquila at 6.5 Australian dollars a share.

The deal, which will make Baosteel the second-biggest shareholder in Aquila, is still to get approval from Australian and Chinese regulators.