Baosteel's net profits ease 2% YoY in 2023

Baoshan Iron & Steel Co (Baosteel), the listed arm of the world's largest steelmaker China Baowu Steel Group, has reported that its business revenue during 2023 fell by 6.3% on year to Yuan 345.5 billion ($47.68 billion), while its net profits also slipped by 2% on year to total Yuan 11.94 billion last year, according to the company's latest annual report for 2023 released on April 26.

Despite the on-year decline, Baosteel's net profits still out-shone all the country's major steelmakers, where the large and medium-sized member mills of the China Iron and Steel Association (CISA) saw their total profits for 2023 plunge by 12.5% on year to Yuan 85.5 billion, Baosteel said in its report quoting