Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

almost 8 years ago

Top Chinese steel maker Baosteel’s 9-month profit more than doubles

Monday, 24 October 2016 21:12

Posted by Shoaib-ur-Rehman Siddiqui

http://www.brecorder.com/business-a-finance/industries-a-sectors/324625-top-chinese-steel-maker-baosteels-9-month-profit-more-than-doubles.html

SINGAPORE: Baoshan Iron & Steel Co Ltd (Baosteel), China's biggest listed maker, reported its nine-month net profit more than doubled as an oversupply in the sector showed signs of improving due to capacity cuts.

Net profit at Baosteel, a bellwether of China's steel firms rose 148.3 percent to 5.6 billion yuan ($827.06 million) in January to September from a year earlier, it said on Monday.

"On the whole, the steel market regained some activity in the third quarter compared to the second quarter, though the sector has not emerged from its oversupply situation," Baosteel said in a filing to the Shanghai stock exchange.

Other Chinese producers also expect to fare better. Angang Steel Co Ltd and Maanshan Iron & Steel Co Ltd expect to return to profitability in the January-September period after racking up losses a year ago.

Earlier this month, Angang Steel said it expected to turn a nine-month net profit of 977 million yuan, while Maanshan Iron & Steel forecast a net profit of 757 million yuan during the same period.

China, the world's top steel producer, churning out half the global output, has been stepping up efforts to slash capacity as a glut boosted cheap exports and caused some producers elsewhere to shut.

Baosteel, together with another domestic steel giant Wuhan Steel Group, have completed their targeted capacity cuts for this year, state media agency Xinhua reported on Saturday, citing a state assets supervisor official.

Beijing is, however, aiming to shut around 100 million to 150 million tonnes of capacity in the next five years.

Last year marked the first drop in China's steel output since 1981 as producers responded to shrinking domestic demand in an economy that grew at its slowest pace in 25 years.

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Baosteel Predicts 800% Profit Surge

By Miranda Song | October 26, 2016, Wednesday |

Print Edition

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 (US$826 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.

http://www.shanghaidaily.com/business/manufacturing/Baosteel-Predicts-800-Profit-Surge/shdaily.shtml