Baoshan Iron & Steel Co. (Baosteel), China’s largest listed steelmaker, reported a 26.4pct YoY increase in net profit for the first quarter of 2025, reaching 2.434 bln yuan (USD 333 mln), up from 1.926 bln yuan in the same period last year, according to a stock exchange filing.
Despite the earnings growth, the company’s operating income declined, impacted by falling steel prices. Baosteel noted that the domestic steel price index dropped 9.9pct YoY during the quarter.
The company highlighted ongoing imbalances between supply and demand in China’s steel market, which continue to weigh on the industry. While raw material and fuel costs have eased, sluggish demand has kept profit margins under pressure.
In Q1 2025, Baosteel produced 11.55 mln tons of pig iron and 12.85 mln tons of steel. Export orders totaled 1.55 mln tons, an increase of 23,000 tons compared to the same period last year.
Separately, Baosteel reported a 38.4pct drop in full-year net profit for 2024, totaling 7.36 bln yuan (USD 1 bln).
1 USD / 7.28 yuan