Major Chinese steelmaker Baosteel has announced that it expects to register an operating revenue of RMB 346.926 billion ($48.9 billion) for 2023, down 6.0 percent year on year, while anticipating a net profit of RMB 1.201 million ($0.17 billion) for the year, decreasing by 1.48 percent year on year.
In the first six months last year, though import iron ore and coal prices saw year-on-year decreases, the slack demand from downstream users exerted a negative impact on the company’s performance, resulting in a decline in profit for the given period. During the July-September period of the year, the auto industry saw a recovery, positively affecting steel product profitability and resulting in a year-on-year rise in profit in the given period. However, surging iron ore and coking coal prices contributed to a reduction in profits in the last three months of 2023.
$1 = RMB 7.1055