Baosteel, China's major steelmaker, still makes a profit

Baoshan Iron & Steel (Baosteel), a partner of China Baowu Steel Group, the world's biggest steelmaker, continues to make profits despite the difficulties in the industry. The company produced 12.56 million tons of pig iron and 13.3 million tons of steel in the third quarter of 2024. In the January-September period, total steel production was 39.61 million tons and total pig iron production was 36.68 million tons. The company's export shipments amounted to 4.66 million tons in January-September.

Baosteel reported that its net profit for the third quarter decreased by around 65% year-on-year to RMB 1.34 billion (USD 188 million). However, demand has stabilized following the stimulus measures in September.

The company aims to increase steel exports to 10 million tons per year by 2028. In the first half of 2024, its exports reached a record high of 3.04 million tons. Baosteel plans to increase its advantages in the global market with its wide product range and strong international marketing network.