Baoshan Iron's net profit & Steel in the first half of the year decreased by 6.3% and amounted to 4.571 billion yuan.

Baoshan Iron & Steel, a subsidiary of China's largest steel producer Baowu Group, announced that its net profit for the period from January to June this year was 4.571 billion yuan ($0.67 billion), down 6.3% from last year.

During the reporting period, Baoshan Iron &Steel's operating revenue amounted to 160.731 billion yuan ($23.7 billion), which is 6.18% more than in the same period last year.

In the first six months, Baoshan Iron &Steel's production of pig iron and unrefined steel in &Steel amounted to 23.765 million tons and 25.537 million tons, an increase of 0.22% and a decrease of 0.75%, respectively, in That time As a result, sales of finished steel amounted to 25.682 million tons, which is 1.48% more than in the same period last year.

The same company stated that relatively high raw material prices and low steel production rates contributed to a decrease in its net profit during this period.

Baoshan Iron & Steel said that the global situation has remained difficult since the beginning of this year. Trade barriers, carbon tariffs, and export controls are holding back steel exports, while domestic demand remains weak and prices have barely improved. Geopolitics and energy prices have led to higher prices for raw materials, which negatively affected the profitability of the industry.

According to Baoshan Iron &Steel, the suppression of Chinese-style competition will continue to deepen its operations, while the recently introduced rules for the replacement of domestic production facilities further optimize the supply structure to the steel industry.  At the same time, steady progress has been made in the implementation of "Two main ones (implementation of the main national strategy and capacity building in the field of security in key areas)" and "Two new ones (large-scale equipment upgrades and consumer goods exchanges)", as well as the construction of "Six networks - water supply, energy, computing, communications, underground pipelines and logistics" will continue to drive demand for high-quality steel products. At the same time, steady growth in sectors such as automotive, shipbuilding, and high-quality equipment production will contribute to the continued development of the steel industry.