Inner Mongolia-based Chinese steelmaker Baotou Steel Union Co., Ltd. (Baotou Steel Union) has announced that it registered an operating revenue of RMB 48.08 billion ($6.8 billion) in the January-September period this year, down 3.58 percent year on year, while it posted a net profit of RMB 233 million ($32.8 million) for the given period, shifting from net loss to profit compared to the net loss of RMB 516 million recorded in the same period of last year.
In the July to September period of the current year, Baotou Steel Union registered an operating revenue of RMB 16.751 billion ($2.4 billion), up 14.29 percent year on year, while posted a net profit of RMB 81.2445 million ($11.4 million), compared to a net loss of RMB 625 million recorded in the same period of last year.
In the first nine months of the current year, the company deepened the strategic adjustment of product structure, and continuously enhanced market competitiveness, for instance, its production outputs of medium-carbon structural steels and alloy structural steels with a carbon content of 0.30 to 0.60% amounted to 7.1114 million mt, up 18.1 percent year on year, while the production of rare earth steel new materials, another flagship product of the company, rose by 8.28 percent, creating the new high in the same period in history.
Meanwhile, the company focused on cost reduction across the entire value chain and implemented full-process controls, the company achieved simultaneous improvements in both operational quality and efficiency. In the first nine months, the manufacturing cost per one metric ton of steel has been reduced by a further 2.45 percent on top of the 2.8 percent reduction achieved in the same period of the previous year.