On October 29, Shanghai-based Chinese steel giant Baoshan Iron and Steel Co. Ltd (Baosteel) issued its financial results for the third quarter of this year, indicating a net profit of RMB 1.181 billion ($187 million), down 4.88 percent on year-on-year basis.
In the first three quarters, Baosteel achieved an operating revenue of RMB 146.1 billion ($23.2 billion) and a net profit of RMB 13.87 billion ($2.2 billion). Meanwhile, the company’s total steel sales in the first three quarters amounted to 17.74 million mt.
Meanwhile, Baosteel stated that it will transfer the Corex assets and key production technologies of its Luojing plant to its parent company Baosteel Group. Accordingly, the Corex smelting reduction furnace from the Luojing plant will be relocated to Baosteel Group subsidiary Xinjiang-based Bayi Steel, while the heavy plate mill at Luojing will be relocated to the ongoing project at Zhanjiang.