Speaking At Baosteel’s 2012 Achievements Report Meeting, He Wenbo, the general manager of Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel), stated that in 2013 China's capacity utilization rate was expected to reach 75 percent. Meanwhile, the country's crude steel output in the current year is expected to reach 737 million mt, up by 2.9 percent on year-on-year basis.
While steel product prices saw a slight recovery in the first quarter this year, prices of raw materials, especially iron ore, were still at high levels, Mr. He noted. Even though there has been no easing of the oversupply situation, Baosteel is optimistic on the further prospects for the domestic steel industry, he said.
In addition, in its new plan for the 2013-2018 period, Baosteel aims to accelerate its development in e-commerce, the information industry, and resource investment, while also planning to construct overseas iron and steel bases.