China Baosteel's Q3 net profit plunges on faltering steel prices
Steel

China Baosteel's Q3 net profit plunges on faltering steel prices

China's biggest listed steelmaker, Baoshan Iron & Steel, reported a nearly 65% plunge in its third-quarter net profit, undermined by a fall in steel prices. The company, known as Baosteel, said in a filing to the Shanghai Stock Exchange that it made net profit of $188 million, down from 3.8 billion yuan in the year-ago period. Baosteel is a subsidiary of state-owned China Baowu Steel Group, the world's largest steelmaker by output. Net profit over the first nine months of the year fell 29.56% from the same period a year before to 5.88 billion yuan, it said. Disappointing demand for steel amid a persistent property downturn and weaker-than-expected consumption from the infrastructure sector had hammered steel prices in the third quarter, squeezing steelmakers' profit margins, analysts said. In the first nine months of the year, the average price of imported iron ore dipped 0.8% while steel prices slid 7.67%, the state-backed China Iron and Steel Association said last week. Losses among Chinese steelmakers totalled 34.1 billion yuan from January to September, official data showed. Demand, however, showed signs of stabilising after a raft of stimulus measures unveiled in late September boosted sentiment, Baosteel said. Baosteel produced 12.56 million metric tons of pig iron and 13.3 million tons of steel in the July-September quarter, bringing the total in the first nine months of the year to 36.68 million tons and 39.61 million tons, respectively. Export orders were 4.66 million tons in the first three quarters, it said. China made 768.48 million tons of crude steel in the first nine months of this year, down 3.6% year-on-year, official data showed.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

China's biggest listed steelmaker, Baoshan Iron & Steel, reported a nearly 65% plunge in its third-quarter net profit, undermined by a fall in steel prices. The company, known as Baosteel, said in a filing to the Shanghai Stock Exchange that it made net profit of $188 million, down from 3.8 billion yuan in the year-ago period. Baosteel is a subsidiary of state-owned China Baowu Steel Group, the world's largest steelmaker by output. Net profit over the first nine months of the year fell 29.56% from the same period a year before to 5.88 billion yuan, it said. Disappointing demand for steel amid a persistent property downturn and weaker-than-expected consumption from the infrastructure sector had hammered steel prices in the third quarter, squeezing steelmakers' profit margins, analysts said. In the first nine months of the year, the average price of imported iron ore dipped 0.8% while steel prices slid 7.67%, the state-backed China Iron and Steel Association said last week. Losses among Chinese steelmakers totalled 34.1 billion yuan from January to September, official data showed. Demand, however, showed signs of stabilising after a raft of stimulus measures unveiled in late September boosted sentiment, Baosteel said. Baosteel produced 12.56 million metric tons of pig iron and 13.3 million tons of steel in the July-September quarter, bringing the total in the first nine months of the year to 36.68 million tons and 39.61 million tons, respectively. Export orders were 4.66 million tons in the first three quarters, it said. China made 768.48 million tons of crude steel in the first nine months of this year, down 3.6% year-on-year, official data showed.

Next Story
Resources

IGBC Launches 32nd Chapter in Ranchi to Drive Green Building Growth

The CII Indian Green Building Council (IGBC) has launched its 32nd Chapter in Ranchi to accelerate Jharkhand’s transition towards sustainable and resilient urban infrastructure. The launch event, held on September 6 at Radisson Blu Hotel, brought together government officials, industry leaders, and sustainability experts. Sunil Kumar, IAS, Principal Secretary, Urban Development & Housing Department, Government of Jharkhand, said, “The launch of the IGBC Ranchi Chapter marks a significant step in Jharkhand’s urban development journey. The state is committed to creating a policy e..

Next Story
Real Estate

Mindspace REIT Marks Five Years With 14.8 Per Cent Annualised Returns

Mindspace Business Parks REIT, owner and developer of a Grade-A office portfolio, has completed five years since its listing on the Indian bourses in August 2020. Despite debuting during the global pandemic, the REIT has delivered 14.8 per cent annualised total returns, expanded its portfolio, and reinforced occupier trust. Key achievements over five years include: Portfolio expansion of 30 per cent to 31.0 msf through acquisitions and new developments. Gross leasing of 25.2 msf, with occupancy sustained at 93.7 per cent. Cumulative distribution of Rs 55.9 billion to unitho..

Next Story
Real Estate

Great Value Realty Secures RERA Nod for Ultra-Luxury Ekanam Project

Great Value Realty, one of North India’s most trusted developers, has received RERA approval for its flagship ultra-luxury residential project, Ekanam (RERA No. UPRERAPRJ15109/2019). The announcement was made during the Great Partners Meet at Noida. Built on the only available land parcel in Sector 107, Noida, Ekanam embodies the company’s philosophy, “Great is the New Norm,” promising excellence in design, quality, and sustainable community living. With seamless connectivity to Noida Expressway, DND Flyway, metro stations, and proximity to the upcoming Jewar Airport, the project ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?