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

BAOSHAN IRON & STEEL CO., LTD.

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Salzgitter CEO rejects idea of steel alliance with Thyssenkrupp

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09/09/2020 | 08:49am EDT
A steelworker cleans a cylinder at the plant of German steel company Salzgitter AG in Salzgitter

Germany's second-largest steelmaker Salzgitter is not interested in an alliance with rival Thyssenkrupp, Chief Executive Heinz Joerg Fuhrmann told Reuters.

"We currently do not see any scenario that would improve our situation compared with independence," Fuhrmann said in an interview on Monday.

"We would first have to dismantle ourselves, or allow ourselves to be dismantled. No sensible person in the company would go along with that here."

Thyssenkrupp said last month its steel unit faced operating losses of 1 billion euros ($1.18 billion)this year, raising pressure on it to fix or sell the division, with Salzgitter seen as one of several potential future partners.

The expected loss at Thyssenkrupp Steel Europe, the continent's No.2 player after ArcelorMittal, comes as the sector suffers from cheap Chinese imports, high raw material prices and weak automotive demand.

Fuhrmann said those who supported the idea of the creation of a German steel champion did not understand the industry, noting that the real champions of the sector were active worldwide and five times as big as the proposed German merger.

He said calls for a merger took a short-term view, adding that Salzgitter was not under pressure despite the coronavirus crisis, noting that the group has almost tripled its sales since becoming independent in 1998 and doubled its workforce.

"We have worked our way up from a catastrophic situation in the second quarter to a bad situation," he said, adding the firm's steel production could fall by more than 10% this year and the tough climate could last into the first quarter of 2021.

He confirmed the outlook the company gave in July for a 2020 pre-tax loss in a low to mid-triple digit million euro range.

Fuhrmann said the company is open to the idea of German cooperation to manage the shift towards lowering carbon emissions in making iron and steel, also supported by Germany's largest union, IG Metall.

Steel companies rely on coal for heating their blast furnaces but face pressure to shift toward renewable energy sources such as hydrogen as a way to cut their carbon emissions.

(Story corrects 10th paragraph to read lowering carbon emissions in making iron and steel instead of green fuels for blast furnaces)

(Reporting by Jan Schwartz, writing by Emma Thomasson, editing by Thomas Escritt)


Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL -0.36% 11.578 Delayed Quote.-25.98%
BAOSHAN IRON & STEEL CO., LTD. 1.10% 5.52 End-of-day quote.-3.83%
SALZGITTER AG -0.98% 12.605 Delayed Quote.-36.21%
SSAB 0.08% 25.55 Delayed Quote.-22.28%
TATA STEEL LIMITED -0.26% 401.25 End-of-day quote.-14.99%
THYSSENKRUPP AG -1.31% 3.995 Delayed Quote.-66.82%
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Financials
Sales 2020 276 B 41 122 M 41 122 M
Net income 2020 8 949 M 1 333 M 1 333 M
Net Debt 2020 28 100 M 4 186 M 4 186 M
P/E ratio 2020 13,5x
Yield 2020 3,78%
Capitalization 122 B 18 073 M 18 113 M
EV / Sales 2020 0,54x
EV / Sales 2021 0,52x
Nbr of Employees 52 323
Free-Float 29,7%
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Technical analysis trends BAOSHAN IRON & STEEL CO., LTD.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 6,13 CNY
Last Close Price 5,46 CNY
Spread / Highest target 50,2%
Spread / Average Target 12,3%
Spread / Lowest Target -10,3%
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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
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