Baosteel reports declines in both revenues and net profits for 2024

Baoshan Iron & Steel Co (Baosteel), the listed arm of the world's largest steelmaker, China Baowu Steel Group, reported on-year declines in both its revenues and net profits for 2024. Revenues fell by 6.5% to Yuan 322.12 billion ($44.2 billion), while net profits dropped by 38.4% to Yuan 7.36 billion.

Table 1 Baosteel's business performance in 2024 (billion Yuan) Source: Baosteel Despite these declines, Baosteel's performance still outshone that of other major Chinese steelmakers. According to the company's annual report, the large and medium-sized member mills of China Iron and Steel Association (CISA) saw their combined profits plummet by 47.2% year on year