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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Baoshan Iron & Steel Co., Ltd.    600019   CNE0000015R4

BAOSHAN IRON & STEEL CO., LTD.

(600019)
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China Baosteel quarterly profit jumps on economic recovery and cost cuts

10/29/2020 | 05:00am EST
FILE PHOTO: Smoke billows from the Baosteel factory in Shanghai.

BEIJING (Reuters) - China's Baoshan Iron & Steel Co Ltd posted July-September net profit up 56.4% from the previous quarter, boosted by cost cuts and the country's economic recovery.

For the first nine months of the year, China's biggest listed steel producer, known as Baosteel, made 7.86 billion yuan ($1.17 billion) in net profit, down 12.9% from the same period last year, it said in a filing to the Shanghai Stock Exchange on Thursday.

That put third-quarter profit at 3.86 billion yuan, against 2.47 billion yuan in the second quarter.

"In the third quarter ... demand from downstream sectors like vehicles, home appliances and engineering machinery continued to recover," the company said, adding that it had cut 4.9 billion yuan of costs over the first three quarters and overcome the impact from blast furnace maintenance.

The results were Baosteel's best quarterly performance since the final quarter of 2018.

In the first nine months of the year, Baosteel churned out 32.8 million tonnes of iron and 35.3 million tonnes of steel, according to the filing.

Nine-month revenue was at 200 billion yuan, down 7.8% from Jan-Sept 2019. It aims to achieve total income of 270.4 billion yuan this year.

($1 = 6.7029 Chinese yuan renminbi)

(Reporting by Min Zhang and Shivani Singh; Editing by David Goodman)

By Min Zhang and Shivani Singh


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BAOSHAN IRON & STEEL CO., LTD. 0.00% 6.38 End-of-day quote.11.15%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -2.73% 237.995 Real-time Quote.-7.33%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.11% 6.57157 Delayed Quote.-5.62%
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Financials
Sales 2020 281 B 42 711 M 42 711 M
Net income 2020 11 109 M 1 686 M 1 686 M
Net Debt 2020 37 352 M 5 669 M 5 669 M
P/E ratio 2020 12,7x
Yield 2020 4,05%
Capitalization 141 B 21 397 M 21 361 M
EV / Sales 2020 0,63x
EV / Sales 2021 0,61x
Nbr of Employees 52 323
Free-Float 29,7%
Chart BAOSHAN IRON & STEEL CO., LTD.
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Baoshan Iron & Steel Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends BAOSHAN IRON & STEEL CO., LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 6,89 CNY
Last Close Price 6,32 CNY
Spread / Highest target 36,4%
Spread / Average Target 9,05%
Spread / Lowest Target -15,5%
EPS Revisions
Managers
NameTitle
Ji Xin Zou Chairman
Yong Hong Zhu Chairman-Supervisory Board
Mei Fen He Member-Supervisory Board
Jin Gang Zhang Director
Han Sheng Yu Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
BAOSHAN IRON & STEEL CO., LTD.11.15%21 397
CHINA STEEL CORPORATION-3.35%12 505
JINDAL STEEL & POWER LIMITED45.50%3 362
BHARAT FORGE LIMITED6.22%3 196
APERAM15.01%3 136
YAMATO KOGYO CO., LTD.-1.82%1 736