China: Baosteel targets 10 mnt/year steel exports by 2028

Mysteel Global: Baoshan Iron & Steel Co., Ltd. (Baosteel), the listed arm of the world's largest steelmaker China Baowu Steel Group, aims to increase its steel exports to 10 million tonnes (mnt) per year by 2028, the company stated at its interim results presentation meeting held on 29 August.

The Shanghai-based steelmaker raked in revenue of RMB 163.25 billion ($23.03 billion) in the first half of this year, with a net profit of RMB 4.55 billion, still ranking top among its domestic peers despite slight on-year dips.

In the meeting, Baosteel highlighted its competitive edge in the global market. With a superior product mix and a well-established international marketing network, the steel giant plans to expand its exports by deepening its presence in South Asia and Southeast Asia and exploring new opportunities in the Middle East, Latin America, and Africa while continuing to maintain its foothold in Europe and the Americas.

In 2023, Baosteel's steel exports soared by 46.6% y-o-y to touch a record high of about 5.84 mnt. In the first six months of this year, its export volume hit a new record of 3.04 mnt.

Note: This report has been written in accordance with an article exchange agreement between Mysteel Global and BigMint.