Baosteel Predicts 800% Profit Surge

Updated 2016-10-26 10:27:00 Shanghai Daily

Baoshan Iron & Steel Co predicted an up to 800 percent annual growth in net profit this year after its net earnings in the first three quarters surged 148.3 percent year on year, helped by cost cutting and a rebound in steel prices.

The Shanghai-listed steelmaker posted a net profit of 5.6 billion yuan (6 million) in the January-September period due to its cost-cutting measures which helped it save 5 billion yuan since the start of this year, it said in its third-quarter earnings report. Meanwhile it predicted profit for the whole of 2016 to soar 600-800 percent to 9 billion yuan.

Shares of Baoshan, whose merger with Wuhan Iron & Steel Group is expected to be completed soon, gained 2.15 percent to close at 5.69 yuan yesterday.

The rebound in steel prices has also boosted the company's profit. Domestic steel prices rose 20.6 percent year on year in the third quarter, Changjiang Securities said.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58April 23 2017 19:52:36

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16April 23 2017 19:52:36

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18April 23 2017 19:52:36

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords