FLASH: Baosteel's 2023 net profits top $1.7 bln

Baoshan Iron & Steel Co (Baosteel), the listed arm of the world's largest steelmaker China Baowu Steel Group (Baowu), saw its net profits during 2023 dip by 1.5% on year to reach around Yuan 12 billion ($1.67 billion), according to the company's preliminary accounting result released on January 30.

Meanwhile, the steel giant raked in Yuan 346.9 billion in terms of business revenue last year, lower by 6% from a year earlier, according to the latest release. Despite the comparatively small on-year declines in its net profits and sales, the Shanghai-headquartered mill's business performance nevertheless enabled it to maintain