China’s Baosteel’s net profit falls in H1 2023

China’s Baoshan Iron & Steel (Baosteel) reported that the company’s operating income was around CNY 169.86 billion in the first half of this year, falling by 7.5% compared to the same period a year ago.

During the period, the net profit attributable to shareholders was CNY 4.55 billion, down by 41.6% year on year. The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 3.71 billion, a year-on-year decrease of 49.2 %. The basic earnings per share were CNY 0.20.

In the first half of this year, Baosteel’s iron production was 24.27 million tons, and steel production was 25.94 million tons.