Baoshan Iron and Steel Co., Ltd (Baosteel), a listed subsidiary of China Baowu Group, reported its net profit attributable to shareholders declined 1.48% year on year to 12.01 billion yuan ($1.69 billion) in 2023, according to a statement released by the company.

Operating revenue came in at 346.93 billion yuan last year, down 6.0% from the preceding year, the company said. The basic earnings per share fell 1.82% on the year to 0.54 yuan.

Addressing the long-lived downturn of the steel industry in 2023, Baosteel adhered to high-quality development, deepened the reform and expanded its market. As a result, the company's operating performance continued to top the domestic steel industry.

In the first half of 2023, prices of raw materials such as iron ore and coal declined compared to the same period in the previous year, but the company's combined profit decreased due to lackluster demand in the downstream sectors.

From the third quarter onwards, the steel market witnessed a recovery in downstream sectors such as automobiles, leading to improved profitability in steel products.

In the fourth quarter, raw material prices rose significantly, resulting in higher steelmaking costs and a decline in profitability. However, Baosteel continued to optimize products structure and increase export efforts, swiftly reducing molten iron-producing costs.

(Writing by Riley Liang  Editing by Harry Huo)
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