Baosteel posts 45.7 percent fall in net profit for Q1

Friday, 26 April 2019 10:57:54 (GMT+3)   |   Shanghai

Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that in the first quarter of the current year it registered an operating revenue of RMB 65.378 billion ($9.74 billion), down 3.1 percent year on year, and a net profit of RMB 2.726 billion ($0.41 billion), down 45.7 percent year on year.

Baosteel stated that in the first quarter of the year rebar and wire rod prices were at better levels compared to flat steel prices. At the same time, the average composite steel price index (CSPI) in China as of the end of March (March 31) this year was down 5.6 percent compared to December 31 last year, while import iron ore prices moved up by 15.5 percent in the given period, exerting a negative impact on the company’s profitability.

Baosteel also stated that it produced 11.22 million mt of pig iron and 11.839 million mt of crude steel in the first quarter this year.

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