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Annual net profit of Chinese steel giant Baosteel decreased

Baoshan Iron and Steel Co., Ltd (Baosteel), the publicly traded subsidiary of China Baowu Group, announced its annual financial results for 2023. Its net profit attributable to shareholders in 2023 fell to 12.01 billion yuan ($1.69 billion), a 1.48% year-on-year decline, the company reported.

Annual net profit of Chinese steel giant Baosteel decreased

Baosteel stated that its operating income last year was 346.93 billion yuan, a decrease of 6.0% compared to the previous year. Core earnings per share decreased by 1.82% year-on-year to 0.54 yuan.

Despite the general decline in the steel industry in 2023, the company continued its goal of high-quality development, deepened reforms and expanded its market. As a result of these efforts, the company's operating performance continued to remain at the top of the domestic steel industry.

In the first half of 2023, prices of raw materials such as iron ore and coal fell compared to the same period last year, but the company's combined profit decreased as demand in sub-sectors was weak.

Starting from the third quarter, a recovery was observed in the steel market in sub-sectors such as automobiles, which led to increased profitability in steel products.

Raw material prices increased significantly in the fourth quarter; This caused steel production costs to rise and profitability to fall. However, Baosteel has moved forward to optimize product structure and increase export efforts, rapidly reducing molten iron production costs.

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