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Baosteel’s net profit decreases by 50.56 percent in Q1

Friday, 28 April 2023 11:01:18 (GMT+3)   |   Shanghai
       

Major Chinese steelmaker Baoshan Iron & Steel Co., Ltd. (Baosteel), a listed subsidiary of the state-owned China Baowu Group, has issued its financial report for 2022, announcing an operating revenue of RMB 367.778 billion ($53.1 billion), up 0.9 percent year on year, and a net profit of RMB 12.187 billion ($1.76 billion), down 48.4 percent year on year.

As for 2023, Baosteel plans to produce 48.77 million mt of pig iron and 50.89 million mt of crude steel, and also to sell 51.21 million mt of finished steel.  

At the same time, Baosteel has issued its financial report for the first quarter of 2023, stating that it registered an operating revenue of RMB 78.602 billion ($11.4 billion), down 8.58 percent year on year; while posting a net profit of RMB 1.845 billion ($0.27 billion), down 50.56 percent year on year. The high levels of raw material prices and weak demand contributed to the year-on-year decline in its net profit in the first three months.  

Meanwhile, in the January-March period, Baosteel produced 11.871 million mt of pig iron and 12.828 million mt of crude steel, while selling 12.113 million mt of finished steel.  

China’s apparent steel consumption in the first three months this year amounted to 243.42 million mt, according to the China Iron and Steel Association (CISA).  

Finished steel prices in China reached a peak level in March this year, while they have moved down continuously in April. Accordingly, the China Iron and Steel Association (CISA) has urged Chinese steelmakers to reduce steel production.


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