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Baosteel earnings in 2017 to improve on higher steel prices-2018 China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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Shine reported that Baoshan Iron & Steel Co expects net earnings to surge between 113 and 121% in 2017 from a year ago amid a rally in steel prices as China cuts supply. Net profit attributed to shareholders last year is set to rise between CNY 10.1-10.8 billion (USD 1.6-1.7 billion) from 2016, as the company''s profit margins widened amid steel price increases and its efforts to cut costs, it said yesterday via a public filing. Its net profit in 2016 was CNY 8.97 billion
The rebar price in Shanghai gained 38.1% to CNY 4,350 per tonne and in Beijing it rose 37.7% to CNY 4,090 per tonne. Baosteel said the price gain has helped it to reap higher profit margins.
The steelmaker also attributed the profit growth to higher synergies with Wuhan Steel which merged with Baosteel in 2016 to form parent group Baowu Steel Group Corp.
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