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    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 EDT
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


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BAOSHAN IRON & STEEL CO., LTD. -1.16% 7.69 End-of-day quote.29.24%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.63% 252.815 Real-time Quote.4.49%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.57% 6.44024 Delayed Quote.-1.40%
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Financials
Sales 2021 329 B 51 416 M 51 416 M
Net income 2021 20 839 M 3 257 M 3 257 M
Net Debt 2021 21 191 M 3 312 M 3 312 M
P/E ratio 2021 8,16x
Yield 2021 6,12%
Capitalization 173 B 27 046 M 27 080 M
EV / Sales 2021 0,59x
EV / Sales 2022 0,56x
Nbr of Employees 47 710
Free-Float 30,3%
Chart BAOSHAN IRON & STEEL CO., LTD.
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Technical analysis trends BAOSHAN IRON & STEEL CO., LTD.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 23
Average target price 10,85 CNY
Last Close Price 7,78 CNY
Spread / Highest target 74,6%
Spread / Average Target 39,4%
Spread / Lowest Target -8,74%
EPS Revisions
Managers and Directors
NameTitle
Ji Xin Zou Chairman
Yong Hong Zhu Chairman-Supervisory Board
Tian Yong Independent Director
Xiong Wen Lu Independent Non-Executive Director
Han Sheng Yu Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
BAOSHAN IRON & STEEL CO., LTD.30.76%27 046
JSW STEEL LIMITED87.27%23 752
CHINA STEEL CORPORATION44.85%19 964
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD.7.94%18 531
EVRAZ PLC33.29%12 919
BLUESCOPE STEEL LIMITED29.98%8 798