Baoshan Iron and Steel Co., Ltd (Baosteel), a listed subsidiary of China Baowu Group, reported its net profit declined 11.76% year on year to 8.35 billion yuan in the first three quarters of 2023, according to a statement released by the firm.

Its operating revenue came in at 255.02 billion yuan during the same period, falling 8.35% from the preceding year, according to the statement.

In the third quarter, Baosteel's earnings surged 127.10% on the year to 3.80 billion yuan, while operating revenue still fell 9.97% from the year prior to 85.16 billion yuan.

The company ascribed the improved profit to the rebound of steel prices backed by a package of stimulus policies to stabilize economic growth. Increased auto production and sales and steady demand for household appliances also contributed to the growth. Besides, its costs further improved during the three months.

Baosteel churned out 12.76 million tonnes of pig iron and 13.87 million tonnes of steel products in July-September, bringing in 5.39 billion yuan of profit in total.

Outputs of these material reached 37.03 million and 39.82 million tonnes in the first nine months. 

(Writing by Emma Yang  Editing by Alex Guo)
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