Baosteel’s consolidated profit rises 11-fold in H1

Monday, 30 August 2010 12:04:48 (GMT+2)

Major Chinese steel producer Baosteel has announced a positive performance for the first six months of 2010, selling 12.477 million mt of billet, achieving sales revenues of RMB 97.94 billion ($14.4 billion) and a consolidated profit of RMB 10.84 billion($1.59 billion) which was up 1,110 percent year on year.

For the given period, Baosteel's pig iron, crude steel and finished steel output capacities were increased by 17 percent, 22 percent and 23 percent year on year respectively. The company focused on reducing risk, optimizing product mix and also on the production of high-profit products.  

In addition, the 1,750 mm CRC production line of Baosteel's stainless steel division increased production quality and output volume. The company has also stepped up its sales efforts, especially with regard to cold rolled ultra-high strength steel and high magnetic induction electrical steel.

US$1 = RMB 6.80

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