Latest news with #BaoshanIron&SteelCo
Yahoo
28-04-2025
- Business
- Yahoo
China's Baosteel expects nationwide output cuts this year
By Amy Lv and Lewis Jackson BEIJING (Reuters) -China's biggest listed steelmaker, Baoshan Iron & Steel Co, said a nationwide output cut was likely this year and flagged external pressures on an industry that is already grappling with overcapacity and faltering demand. The company, known as Baosteel, is a subsidiary of the state-owned China Baowu Steel Group, the world's largest steelmaker by output. "Chances for a cut are high as it has been mentioned in the government report," Cai Yanbo, Baosteel's deputy general manager, said at the company's first-quarter results briefing on Monday when asked about market talks of cutting 50 million metric tons of Chinese crude steel output this year. Cai, however, added that he did not expect cuts to "be implemented this month or next month; we have appealed to relevant authorities to avoid one-size-fits-all approach while controlling output". An output cut of such scale would help rebalance the steel market, underpinning steel prices and weighing on prices of steelmaking ingredients. Beijing has said it plans to restructure the steel industry through output cuts, without elaborating on details such as the timing and scale for such cuts. China's steel exports in 2025 will slide by around 15 million tons amid tariff hikes and indirect steel exports will be slashed by 20 million tons, according to Zou Jinxin, Baosteel's chairman. Exports of manufactured goods such as containers, vehicles, and engineering machinery are typically classified as indirect steel exports. Zou said he expects Beijing to roll out more stimulus measures to counter external shocks. China's steel exports hit a nine-year high of 110.72 million tons in 2024. Baosteel's steel exports hit a record high at 6.07 million tons last year, but the company did not specify its 2025 target. Domestic steel consumption in 2025 will fall by 2%, Zou added. Baosteel reported a 26.4% annual increase in its first-quarter net profit, helped by lower costs. Shares at Baosteel jumped by 5.7% to 7.02 yuan ($0.9622). ($1 = 7.2956 Chinese yuan)
Yahoo
28-04-2025
- Business
- Yahoo
China's Baosteel expects nationwide output cuts this year
By Amy Lv and Lewis Jackson BEIJING (Reuters) -China's biggest listed steelmaker, Baoshan Iron & Steel Co, said a nationwide output cut was likely this year and flagged external pressures on an industry that is already grappling with overcapacity and faltering demand. The company, known as Baosteel, is a subsidiary of the state-owned China Baowu Steel Group, the world's largest steelmaker by output. "Chances for a cut are high as it has been mentioned in the government report," Cai Yanbo, Baosteel's deputy general manager, said at the company's first-quarter results briefing on Monday when asked about market talks of cutting 50 million metric tons of Chinese crude steel output this year. Cai, however, added that he did not expect cuts to "be implemented this month or next month; we have appealed to relevant authorities to avoid one-size-fits-all approach while controlling output". An output cut of such scale would help rebalance the steel market, underpinning steel prices and weighing on prices of steelmaking ingredients. Beijing has said it plans to restructure the steel industry through output cuts, without elaborating on details such as the timing and scale for such cuts. China's steel exports in 2025 will slide by around 15 million tons amid tariff hikes and indirect steel exports will be slashed by 20 million tons, according to Zou Jinxin, Baosteel's chairman. Exports of manufactured goods such as containers, vehicles, and engineering machinery are typically classified as indirect steel exports. Zou said he expects Beijing to roll out more stimulus measures to counter external shocks. China's steel exports hit a nine-year high of 110.72 million tons in 2024. Baosteel's steel exports hit a record high at 6.07 million tons last year, but the company did not specify its 2025 target. Domestic steel consumption in 2025 will fall by 2%, Zou added. Baosteel reported a 26.4% annual increase in its first-quarter net profit, helped by lower costs. Shares at Baosteel jumped by 5.7% to 7.02 yuan ($0.9622). ($1 = 7.2956 Chinese yuan) (Reporting by Amy Lv and Lewis Jackson; Editing by Himani Sarkar)
Reuters
28-04-2025
- Business
- Reuters
China's Baosteel expects nationwide output cuts this year
BEIJING, April 28 (Reuters) - China's biggest listed steelmaker, Baoshan Iron & Steel Co ( opens new tab, said a nationwide output cut was likely this year and flagged external pressures on an industry that is already grappling with overcapacity and faltering demand. The company, known as Baosteel, is a subsidiary of the state-owned China Baowu Steel Group, the world's largest steelmaker by output. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "Chances for a cut are high as it has been mentioned in the government report," Cai Yanbo, Baosteel's deputy general manager, said at the company's first-quarter results briefing on Monday when asked about market talks of cutting 50 million metric tons of Chinese crude steel output this year. Cai, however, added that he did not expect cuts to "be implemented this month or next month; we have appealed to relevant authorities to avoid one-size-fits-all approach while controlling output". An output cut of such scale would help rebalance the steel market, underpinning steel prices and weighing on prices of steelmaking ingredients. Beijing has said it plans to restructure the steel industry through output cuts, without elaborating on details such as the timing and scale for such cuts. China's steel exports in 2025 will slide by around 15 million tons amid tariff hikes and indirect steel exports will be slashed by 20 million tons, according to Zou Jinxin, Baosteel's chairman. Exports of manufactured goods such as containers, vehicles, and engineering machinery are typically classified as indirect steel exports. Zou said he expects Beijing to roll out more stimulus measures to counter external shocks. China's steel exports hit a nine-year high of 110.72 million tons in 2024. Baosteel's steel exports hit a record high at 6.07 million tons last year, but the company did not specify its 2025 target. Domestic steel consumption in 2025 will fall by 2%, Zou added. Baosteel reported a 26.4% annual increase in its first-quarter net profit, helped by lower costs. Shares at Baosteel jumped by 5.7% to 7.02 yuan ($0.9622). ($1 = 7.2956 Chinese yuan)
Reuters
25-04-2025
- Business
- Reuters
China's Baosteel Q1 net profit jumps 26.4% on lower costs
BEIJING, April 25 (Reuters) - China's biggest listed steelmaker, Baoshan Iron & Steel Co ( opens new tab, on Friday reported a 26.4% annual increase in its first-quarter net profit thanks to lower costs, but flagged persistent risks from rising trade tensions. The company, known as Baosteel, said in a filing to the Shanghai Stock Exchange that it earned about 2.43 billion yuan ($333.43 million) in the past quarter, up from 1.93 billion yuan over the same period in 2024. "Despite the challenges of weak demand and falling steel prices, the company managed to lower costs thanks to a more drastic fall in coking coal prices than steel," Baosteel said. Steel prices slid 9.9% last quarter while coking coal tumbled by 36.1%, it added. Baosteel also recorded in a separate filing an annual fall of 38.4% in its net profit in 2024 to 7.36 billion yuan. Baosteel is a subsidiary of the state-owned China Baowu Steel Group, the world's largest steelmaker by output. The company manufactured 11.55 million metric tons of iron and 12.85 million tons of steel between January and March and plans to produce 48.79 million and 52.61 million tons of iron and steel in 2025, respectively. It received 1.55 million tons of overseas orders for steel products last quarter after having shipped abroad a record high of 6.07 million tons of steel products in 2024, representing a rise of 3.9% year-on-year. "In 2025, the external environment will become more complex and uncertain and the risks of trade tensions will remain prominent ... profitability will face persistent downward pressure from the mismatch between supply and demand," the company said. ($1 = 7.2878 Chinese yuan)
