Baosteel's Q3 revenues, net profits both fall YoY

Source: Mysteel Oct 30, 2024 14:45

Announcing its consolidated business results for the third quarter on October 29, Baoshan Iron & Steel Co., Ltd. (Baosteel), the listed arm of the world's largest steelmaker China Baowu Steel Group (Baowu), reported a 6.53% on-year decline in revenues to Yuan 79.61 billion ($11.16 billion) while its net profits plummeted by 64.77% from July-September last year to Yuan 1.34 billion. Both results marked its lowest quarterly levels so far this year, Mysteel Global observed.

Sharper falls in steel product prices than those in prices of raw materials led to a continuous compression of steel mill profit margins during Q3, Baosteel explained. Indeed, at one point during last quarter Mysteel's assessed prices of major carbon steel products including rebar and hot-rolled coils had touched multi