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BaoSteel plans more cost cuts at Wuhan after unit posts H1 loss-The 19th China(Guangzhou)Int’l Metal &Met
allurgy Exhibition
8/29/2017 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo |
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Reuters reported that Baosteel aims to cut more costs at its Wuhan Iron and Steel arm, acquired as part of a government push to make bloated industries more efficient, after Wuhan posted CNY 780 million (USD 117 million) first-half loss, Baosteel officials said on Friday.
Mr Wu Kunzong, Baosteel’s Chief Financial Officer told investors on a web-call “The performance of Wuhan Iron and Steel was affected by the acquisition and it takes time for Wuhan to adapt to the new group.”
BaoSteel board secretary Wu Yiming added “Baosteel would cut more costs from Wuhan in the second half, by looking at closing some subsidiaries involved in sales and delivery.”
The merged Baosteel aims to cut a total CNY 6 billion in costs in 2017.
-The 19th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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