The financial results of Baoshan Iron and Steel Co in January-September decreased against the backdrop of high raw material costs over the entire period. Meanwhile, steel prices did not rise so fast. Weak demand from the automotive sector, one of the main industries for the manufacturer, also affected productivity. Baoshan Iron and Steel Co, a Baosteel listing, cut net income by 44% to 8.8 billion yuan ($ 1.25 billion) year over year, according to a quarterly report released on October 25. 3.75% to 216.8 billion yuan (30.6 billion US dollars). Slowing economic growth and lower domestic demand and steel prices along with a sharp increase in iron ore quotes were the main reasons
Baosteel, one of the leading manufacturers in China, was affected by stagnant performance in China's automobile sector in January-September. He said: “The automotive segment has a relatively high share of the company's product portfolio. The fall in production and sales of the automotive industry has a definite effect on the company. We had to optimize the structure of production and sales in accordance with market changes. ”
. From January to September, steel production at Baosteel amounted to 36.7 million tons, which is 6% more than in the same period last year, while sales of steel products amounted to 35.46 million tons, which is only 1% higher. than last year.
