Baosteel’s net profit surges by 248 percent in Q1

Tuesday, 27 April 2021 16:08:10 (GMT+3)   |   Shanghai

Major Chinese steelmaker Baosteel has announced that it registered an operating revenue of RMB 83.607 billion ($12.9/mt) in the first quarter of the current year, up 39.4 percent, while posting a net profit of RMB 5.36 billion ($0.83 billion), up 248 percent, year on year.

In 2020, Baosteel registered an operating revenue of RMB 283.674 billion ($43.7/mt), down 2.72 percent, and a net profit of RMB 12.677 billion ($1.95 billion), up 0.91 percent, both year on year.

In 2020, production of the company’s main products, including cold rolled carbon coil, hot rolled carbon coil, steel pipes, long products and other steel products, amounted to 45.62 million mt, down 2.7 percent year on year, while sales of the main products totaled 45.98 million mt, down 2.6 percent year on year.

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