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    600019   CNE0000015R4

BAOSHAN IRON & STEEL CO., LTD.

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China steel firms lagging on carbon compliance - study

07/30/2019 | 09:47pm EDT
A worker helps load steel bars onto a truck at warehouse of the Baifeng Iron and Steel Corporation in Tangshan in China's Hebei Province

SHANGHAI (Reuters) - Chinese steel companies have fallen behind their international counterparts on energy efficiency and carbon compliance, putting them at risk of a surge in costs once regulations are tightened, a research report published on Wednesday said.

The study by London-based CDP, formerly known as the Climate Disclosure Project, showed that Chinese steel firms were among the industry's worst performers on measures like carbon intensity, water and energy efficiency, and transparency.

The findings suggest that mills in China, the world's biggest steel producer, have been able to secure price advantages as a result of their slower shift to low-carbon production, but they will be more exposed to rising costs under a carbon trading scheme.

China's aims to launch its long-awaited national emissions trading scheme next year, forcing companies to buy permits to cover their emissions. The steel industry is slated for the second stage of the scheme, although some firms have already been part of pilot carbon trading platforms.

"China has traditionally had lower steel production costs than other steel producing regions such as Europe due to lower labour and raw material costs," said Luke Fletcher, a senior analyst at CDP's Investor Research Department.

"The use of cheaper but more polluting induction furnaces, while not being subjected to stringent carbon pricing mechanisms, also provides cost advantage," he added.

CDP studied 20 of the largest listed global steel firms. China's Baoshan Iron and Steel Corp, Angang Steel, Hesteel, Beijing Shougang and the Inner Mongolia Baotou Steel ranked 11th, 16th, 17th, 18th and 20th on its low-carbon transition "league table".

Baosteel and Angang did not immediately respond to requests for comment on Wednesday. The other firms mentioned could not immediately be reached.

The study ranked Sweden's SSAB at the top of "league table", with ArcelorMittal in second and Hyundai Steel third.

The five Chinese companies were top in research and development expenditure, suggesting the steel makers are looking to use innovation and new technology to reduce their carbon footprint.

China produced 492.17 million tonnes of crude steel in the first half of 2019, up 9.9% from a year ago. Industry officials said earlier this month that smaller steel mills with poor environmental compliance records were taking advantage of lax enforcement to ramp up production.

To align with global targets to keep global temperature rises at no more than 2 degrees, the steel sector will need to reduce its emissions intensity by 65% by 2050 from 2014 levels, according to the International Energy Agency.

(Reporting by Muyu Xu and David Stanway; editing by Richard Pullin)


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ANGANG STEEL COMPANY LIMITED 3.74% 4.44 End-of-day quote.46.05%
ARCELORMITTAL 0.07% 29.345 Real-time Quote.55.32%
BAOSHAN IRON & STEEL CO., LTD. 3.07% 7.38 End-of-day quote.24.03%
BEIJING SHOUGANG CO., LTD. 5.99% 6.72 End-of-day quote.75.46%
BYD COMPANY LIMITED 8.34% 280.6 End-of-day quote.38.09%
HYUNDAI STEEL COMPANY 1.57% 51700 End-of-day quote.30.56%
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD. 10.00% 2.75 End-of-day quote.135.04%
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. -2.03% 34.77 End-of-day quote.-21.64%
NL ANTILLIAN GUILDER / NL ANTILLIAN GUILDER (ANG/ANG) 0.00% 1 Delayed Quote.0.00%
SHIFT, INC. 2.50% 20900 End-of-day quote.46.05%
SSAB AB 0.63% 50.72 Delayed Quote.72.01%
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Sales 2021 341 B 52 776 M 52 776 M
Net income 2021 21 763 M 3 366 M 3 366 M
Net Debt 2021 25 506 M 3 945 M 3 945 M
P/E ratio 2021 7,53x
Yield 2021 6,73%
Capitalization 164 B 25 417 M 25 419 M
EV / Sales 2021 0,56x
EV / Sales 2022 0,52x
Nbr of Employees 47 710
Free-Float 30,9%
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Tian Yong Independent Director
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