Major Chinese steelmaker Baosteel has announced that it will invest a further RMB 12 billion ($1.96 billion) in its Guangdong Province-based Zhanjiang Iron and Steel Co. project, in order to support the construction of the project. Accordingly, the investment of the first RMB 6 billion will be completed in the fourth quarter this year, with investment of the remainder to be completed in 2014. With this overall investment, Baosteel's stake in Zhanjiang Steel will increase from 75 percent to 90 percent.
In addition, in the first half of this year Baosteel's operating revenue and net profit amounted to RMB 96.1 billion ($15.7 billion) and RMB 3.703 billion ($605 million), down 1.84 percent and decreasing by 61.47 percent year on year respectively. Furthermore, in the given period Baosteel's outputs of pig iron and crude steel totaled 11 million mt and 11.41 million mt respectively.