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

30 Oct 2024 CW Team

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.

Infrastructure Urban

09 Apr 2026

Mineral Auction Rules Amended To Speed Mine Operationalisation

The Ministry of Mines notified the Mineral (Auction) Second Amendment Rules, 2026 on 30 March 2026 to accelerate operationalisation of mines and improve ease of doing business in the mining sector. The amendment follows a prior change to the Mineral (Auction) Rules, 2015 effected on 17 October 2025 that introduced intermediary timelines between issuance of a letter of intent (LoI) and execution of the mining lease. The 2025 change provided that one per cent of performance security would be appropriated for each month of delay by the preferred bidder and introduced incentives for early operatio..

Indian Railways Strengthens Telecom And AI Safety Systems

Indian Railways strengthened its telecom and digital infrastructure during 2025-26 with the aim of improving safety, operational efficiency and the passenger experience. The programme promoted modernisation through advanced technologies, robust communication systems and passenger-centric solutions. These measures were presented as part of a drive to build a digitally integrated rail ecosystem. A key development was the enhancement of the Internet Protocol Multi-Protocol Label Switching (IP MPLS) backbone, commissioned at 1,396 stations to meet bandwidth needs of mission-critical applications. ..

NHAI Holds Workshop on Litigation Management and Coordination

The National Highways Authority of India (NHAI) organised a day-long workshop in New Delhi to strengthen capacity and interdepartmental synergy for faster execution of national highway projects. The event was held under Mission Karmayogi – Sadhana Saptah, an initiative of the Government of India to enhance governance through capacity building and improved processes. The workshop focused on structured and solution oriented deliberations to address implementation constraints. The session was chaired by the NHAI chairman Santosh Kumar Yadav and brought together senior officials from NHAI, the M..