Baosteel’s net profit up 276.74% in H1, outlook for H2 weaker

Tuesday, 31 August 2021 14:18:48 (GMT+3)   |   Shanghai

Baoshan Iron and Steel Co., Ltd, the listed subsidiary of China Baowu Group, has announced that in the first half this year it registered an operating revenue of RMB 185.252 billion ($28.6 billion), while it posted a net profit of RMB 15.079 billion ($2.3 billion), up 276.74 percent year on year.

The company said its performance in the first half of the year constituted an all-time record.

In the first half of the current year, Baosteel produced 22.74 million mt of pig iron, 26.225 million mt of crude steel, and 25.345 million mt of finished steel.

As for the second half this year, Baosteel said it expects that finished steel prices may edge down in the third quarter, while bottoming up in the fourth quarter due to rebounding demand in the given period. The overall forecast for the second half is a bit more negative than the actual situation in the first half.

$1 = RMB 6.4679

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