Net profits at China’s Baosteel, Hesteel, Liugang soar in Q1

China’s leading mills Baoshan Iron and Steel (Baosteel), Hebei Iron and Steel (Hesteel) and Liuzhou Iron and Steel (Liugang) all saw significant increases in net profits for the first quarter this year, according to their financial reports released on April 27-28.

Baosteel
Baosteel reported a net profit of 3.79 billion yuan ($549 million) for the first quarter this year, up by 142.89% compared with the same period of last year, thanks to cost cuts and steel price increases, according to the company's financial report released on Friday April 28.
Meanwhile, its revenue jumped by 76.79% year-on-year to 85 billion yuan ($12.33 billion) in the first quarter.
The merger of Baosteel and Wuhan Iron and Steel was completed on February 27, 2017 with the latter incorporated into Baosteel's consolidated statement from March 1, 2017.
After the megamerger, Baosteel’s production and sales scale both increased significantly, the company said in the quarterly financial report.

In the first quarter,...

Published

Gladdy Chu

Jessica Zong

April 28, 2017

07:59 GMT