SASAC: Baowu Group turns year-on-year losses into gains on profit of RMB8.7 billion in H1
2017-07-13 17:08:19 [Print]
State-owned Assets Supervision and Administration Commission (SASAC) recently announced that, China Baowu Steel Group Corporation has achieved profit of RMB8.7 billion from January to June 2017, turning year-on-year losses into gains based on substantial improvement in profitability.
Baowu Group is the product jointly restructured by Baosteel and Wuhan Iron and Steel, which was officially established on December 1 of 2016. SASAC claimed that the restructuring of the Group aims at reducing duplicate constructions and investment, lowering operational expenditure and solving problem of resource dispersal.
As for the capacity removal task for central enterprises, 5.95 million tons of excessive capacity for steel has been accumulatively removed by central enterprises in H1, completing the annual task in advance; 6.59 million tons of excessive capacity for coal has been eliminated with 13 million tons of coal capacity restructured. According to the goal of SASAC settled in early 2017, 24.93 million tons of coal capacity should be removed in 2017.
Baowu Group is the product jointly restructured by Baosteel and Wuhan Iron and Steel, which was officially established on December 1 of 2016. SASAC claimed that the restructuring of the Group aims at reducing duplicate constructions and investment, lowering operational expenditure and solving problem of resource dispersal.
As for the capacity removal task for central enterprises, 5.95 million tons of excessive capacity for steel has been accumulatively removed by central enterprises in H1, completing the annual task in advance; 6.59 million tons of excessive capacity for coal has been eliminated with 13 million tons of coal capacity restructured. According to the goal of SASAC settled in early 2017, 24.93 million tons of coal capacity should be removed in 2017.
