Major Chinese steelmaker Baosteel has announced that it has registered an operating revenue of RMB 163.251 billion ($23 billion) for the January-June period this year, down 3.89 percent year on year, while posting a net profit of RMB 4.545 billion ($0.6 billion) for the given period, decreasing by 0.17 percent year on year.
In the given period, the world economic situation remained severe and complicated, the demand for steel in the Chinese domestic market was low, the recovery of demand in downstream industries was lower than expected, the steel industry in general presented a situation of strong supply, weak demand, high cost and low prices, which exerted a negative impact on Baosteel’s operating performance.
In the first six months this year, Baosteel’s output of pig iron and crude steel amounted to 24.117 million mt and 26.306 million mt, down 0.63 percent and up 1.4 percent year on year respectively, while the steelmaker sold 25.514 million mt of finished steel in the given period, down 0.19 percent year on year.
