China: Economic recovery and cost cut boosts Baosteel’s Q3 earnings

China’s major steel producer – Baosteel reported a 56% q-o-q surge in Q3 earnings at RMB 3.86 bn contrasted against RMB 2.47 bn. The company has also cut a significant amount of RMB 4.9 bn in costs in the 9M CY ’20, and churned out 32.8 mn t of molten iron and 35.3 mn t finished steel, as per reports. Recovery of the automobile, white-goods and engineering machinery industries drove the company to its best quarterly performance since the end of CY ’18.