Baoshan Iron and Steel Co., Ltd, listed subsidiary of China Baowu Group, has stated that it expects that its net profit for 2020 will likely increase by RMB 100-700 million ($15.4-108 million), up by 1-6 percent year on year.
The company stated that in 2020 it responded quickly to the rises in raw material prices and the fluctuations in demand for steel, and took full advantage of Baowu Group’s multi-product manufacturing bases, whose product scale, variety, quality, service and profitability quickly recovered, resulting in the steady recovery of Baosteel’s profitability.