China’s leading steel producer Baoshan Iron & Steel Co., Ltd. reported weaker profitability in the first quarter of 2026, despite posting higher sales revenue.
For the January–March period, the company recorded:
- Operating revenue of RMB 77.061 billion ($11.2 billion), up 5.7% year on year
- Net profit of RMB 2.225 billion ($320 million), down 8.6% year on year
During the quarter, production volumes included:
- 12.229 million mt of pig iron
- 13.211 million mt of crude steel
- 12.606 million mt of finished steel
The decline in profit was linked to rising raw material and freight costs, alongside weaker domestic steel demand in China. Reuters reported that margin pressure also intensified as steel prices softened while iron ore costs increased.
The company also released its full-year 2025 results, showing:
- Operating revenue of RMB 317.508 billion ($46.3 billion), down 1.43%
- Net profit of RMB 10.346 billion ($1.5 billion), up 40.53%
In 2025, Baosteel sold 52.463 million mt of finished steel, including 6.479 million mt of exports, representing a 6.8 percent increase year on year.
(Exchange rate used: $1 = RMB 6.8562)
VietnamSteel by Hoa Sen Group
