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China’s Baoshan Iron & Steel Co Ltd, the largest listed steel maker in the country, reported a
62.2% surge on first-half net p-2019 China(Guangzhou)Int’l Metal & Metallurgy Exhibition-metal exhibition
8/28/2018 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo- |
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Reuters reported that China’s Baoshan Iron & Steel Co Ltd, the largest listed steel maker in the country, reported a 62.2% surge on first-half net profit on firm steel prices. BaoSteel posted net income of CNY 10.01 billion (USD 1.46 billion) in the first half of 2018, compared to CNY 6.17 billion a year ago as net income over April-June doubled to CNY 5 billion from CNY 2.38 billion in the same period last year. In the first six months, BaoSteel churned out 23.96 million tonnes of steel products. The company also said it had cut CNY 3.12 billion of cost in the first half of this year, outstripping its target 2018 target of reducing CNY 1.8 billion.
BaoSteel said “China’s steel supply and demand is expected to be stable in the second half this year. However the market remains at risk from weak infrastructure investment, new steel capacity and rising trade protectionism.’
It also said “Baosteel will keep a stable scale of output and sales and will speed up diversifying steel products from Zhanjiang steel base, while keep cutting costs in the whole company.”
Baosteel said in a separate statement it will invest CNY 18.85 billion to invest a blast furnace project at its Zhanjiang base with 3.6 million tonnes of annual capacity.
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