Posted on 30 Aug 2024
Baoshan Iron & Steel Co., Ltd. (Baosteel), the listed arm of the world's largest steelmaker China Baowu Steel Group, aims to lift its steel exports to 10 million tonnes per year by 2028, the company stated at its interim results presentation meeting held on August 29.
The Shanghai-based steelmaker raked in revenue of Yuan 163.25 billion ($23.03 billion) in the first half of this year, with a net profit of Yuan 4.55 billion, still ranking the top among its domestic peers despite slight on-year dips, as Mysteel Global reported.
In the meeting, Baosteel highlighted its competitive edge in the global market. With a superior product mix and a well-established international marketing network, the steel giant plans to further expand its exports by deepening its presence in South Asia and Southeast Asia, exploring new opportunities in the Middle East, Latin America, and Africa, while continuing to maintain its foothold in Europe and the Americas.
In 2023, Baosteel's steel exports soared by 46.6% on year to touch a record high of about 5.84 million tonnes. And in the first six months of this year, its export volume has again hit a new record of 3.04 million tonnes, as reported.
Source:Mysteel Global
