- China’s biggest steelmaker Baoshan Iron and Steel (Boasteel) has recorded net profit at RMB 5.4 billion ($832.5 million) in Q1 CY’21 – the highest since Q4 CY’18.
- The profit is 247.8% high y-o-y compared to Q1 CY’20, thanks to robust steel consumption and cost reduction efforts.
- Further, the steelmaker expects the net profit to increase significantly year-on year in the first half of CY’21.
- The company has set a target of 51.13 mn t of crude steel production for CY’21. Last year, it produced 45.62 mn t crude steel.
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