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  • Baosteel's net profit up by 64.91% YOY to RMB6.17b in H1 of 2017

    2017-09-04 08:18:39   [Print]
    According to the semi-annual report for 2017 released by Baosteel on late August 24th, the company saw a net profit of RMB6.Asian Metal Copyright2% YOY.Asian Metal Copyright17b in H1, an increase of 64.Asian Metal Copyright In February 2017, Baosteel merged Wuhan Iron Steel.Asian Metal Copyright91% YOY; an operating income of RMB169.Asian Metal Copyright3% of the annual budget.Asian Metal Copyright933b, an increase of 59.Asian Metal Copyright3% of the annual budget.Asian Metal Copyright91% YOY.

    The company said that both demand and raw materials for steel show rapid fluctuations in the international and domestic markets currently; supply-side environment in China continues to see improvement; and the company enters into the critical stage of business integration and comprehensive reform deepening. During the reporting period, the company produced 22.Asian Metal Copyright According to the report, the company planned to achieve a gross revenue of RMB338.Asian Metal Copyright435 million tons of iron and 23.Asian Metal Copyright3% of the target; the company planned to see an operating cost of RMB310.Asian Metal Copyright329 million tons of steel while sold 22.Asian Metal Copyright46b in 2017 with RMB170.Asian Metal Copyright743 million tons of commercial billets, achieving a total profit of RMB8.Asian Metal Copyright15b in 2017, and spent RMB152.Asian Metal Copyright51b, up by 58.Asian Metal Copyright15b achieved in H1, accounting for 50.Asian Metal Copyright2% YOY.

    In November 2016, Zhanjiang project was fully put into operation. In February 2017, Baosteel merged Wuhan Iron & Steel.Asian Metal Copyright The company has fulfilled its annual cost reduction plan by cutting RMB3.Asian Metal Copyright At present, the company has production bases in Shanghai Baoshan, Nanjing Meishan, Zhanjiang Dongshan and Wuhan Tsingshan and other places.

    Faced with the uncertainty from the market and the challenge from the company itself, Baosteel claimed that it will speed up the reform action, continue to cut costs and further strengthen cooperation between production and marketing and linkage between purchases and marketing by focusing on synergy of four major production bases.

    According to the report, the company planned to achieve a gross revenue of RMB338.46b in 2017 with RMB170.Asian Metal Copyright .Asian Metal Copyright15b achieved in H1, accounting for 50.Asian Metal Copyright435 million tons of iron and 23.Asian Metal Copyright3% of the target; the company planned to see an operating cost of RMB310.Asian Metal Copyright46b in 2017 with RMB170.Asian Metal Copyright15b in 2017, and spent RMB152.Asian Metal Copyright79b actually in H1, accounting for 49.Asian Metal Copyright79b actually in H1, accounting for 49.Asian Metal Copyright Faced with the uncertainty from the market and the challenge from the company itself, Baosteel claimed that it will speed up the reform action, continue to cut costs and further strengthen cooperation between production and marketing and linkage between purchases and marketing by focusing on synergy of four major production bases.Asian Metal Copyright3% of the annual budget.Asian Metal Copyright51b, up by 58.Asian Metal Copyright The company has fulfilled its annual cost reduction plan by cutting RMB3.Asian Metal Copyright17b in H1, an increase of 64.Asian Metal Copyright82b of cost in H1.

    However, the company failed to see expected results in synergy income as it achieved only RMB328m, accounting for 32.8% of the planned RMB1b.

    .Asian Metal Copyright3% of the target; the company planned to see an operating cost of RMB310Asian Metal Copyright
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