Baosteel Group Corp said although conditions in the steel market may change, it would remain weak overall in the second half of the year, Vice Chairman Liu Guosheng said Tuesday.
Baosteel, China's biggest steel maker, has lowered its quoted steel prices for July, especially on auto sheets, according to an unreleased document that has aroused great attention within the industry on Thursday.
Baosteel Iron and Steel Co, China's largest listed steel maker, is importing iron ore at a temporarily-negotiated price and is carrying out stress tests to gauge the impact of possible new pricing mechanisms on its mid- to long-term costs, a company official said Wednesday.
China's leading steel maker, Baosteel, announced Wednesday that its net profit shrank 9.95 percent in 2009 year on year to 5.8 billion yuan (850 million U.S. dollars).
Action seems to be hotting up on the iron ore price negotiation front with steelmaker Baosteel Group replacing China Iron and Steel Association (CISA) as the chief negotiator for the Chinese side in its talks with the big three iron ore suppliers.
Baosteel Group, China's leading steelmaker, announced on Monday its acquisition of 15% stake in Aquila Resources, an Australian iron ore and coal company.
Baosteel Group Co has been asked by the Australian government to resubmit its application to invest US$240 million for a 15-percent stake in iron ore explorer Aquila Resources Ltd.
Baosteel, has been given a nod of approval from the Australian Foreign Investment Review Board to invest US$240 million in return for a 15 percent stake in Aquila Resources Ltd.
Baoshan Iron & Steel Co said earnings will be significantly improved in the second half of the year from the first six months as market conditions improve, according to President Ma Guoqiang.
Baosteel Group, China's largest steel maker, said Friday it has agreed to pay 285.6 million Australian dollars (US$240.7 million) for a 15-percent stake in Australian miner Aquila Resources.
Baoshan Iron & Steel, the listed unit of China's biggest steel maker, reported a net profit of 669 million yuan (US$98 million) in the first half, down 92.77 percent year on year.
China's Baosteel will raise prices of its major steel products by 9 to 13 percent next month, more than expected, the biggest one-off increase since Baosteel moved from quarterly to monthly prices last May.
Following a major restructuring late last year, Hebei Iron & Steel Group (Hebei Steel) has overtaken industry "dragon head" Baosteel in terms of output, giving it the clout to share the platform with the Shanghai producer in price setting and negotiations with overseas ore suppliers.
The Agricultural Bank of China yesterday signed a cooperation deal with Baosteel Group Co in Shanghai which includes a credit line of 50 billion yuan (US$7.32 billion) to finance the steel maker's growth.
The Hebei provincial government has grabbed the initiative to reform its steel industry to compete with the big boys, particularly Shanghai-based Baoshan Iron and Steel, or Baosteel.
Baosteel, China's leading steelmaker, has obtained approval to raise up to 20 billion yuan (US$2.93 billion) in new capital in a bond issue to help trim its debt servicing costs.
Baoshan Iron & Steel Co has maintained prices of major products for June, industry sources said yesterday, reflecting a market outlook that steel prices may stop falling.
Baoshan Iron and Steel Co has cut prices of major products for May delivery by up to 7 percent from April levels, its second consecutive monthly price reduction, as China's top mill narrows a price gap with domestic rivals.
Baosteel Group, a leading Chinese steelmaker, announced Sunday it would form a new joint venture with two domestic rivals in eastern Zhejiang Province.
Baoshan Iron & Steel Co, China's biggest steel maker, restarted its No. 1 blast furnace on February 16 as prices recovered, the China Iron and Steel Association said on its Website on Wednesday.
Baosteel Group Corp, China's biggest steel producer, will take over two rivals as part of the nation's plan to create bigger steel makers to gain bargaining power for iron ore, according to the China Iron and Steel Association.
Baoshan Iron and Steel Co, China's second-biggest stainless steel producer, is raising output as building demand improves because of China's 4-trillion-yuan (US$586 billion) stimulus plan.
Cia Vale do Rio Doce and China's Baosteel Group Corp canceled plans to build a Brazilian steel-slab plant after a global economic slowdown reduced demand for metals and environmental rules blocked use of mill sites.
Baosteel, one of China's largest steel producers, has secured a contract from Commercial Aircraft Corporation of China Ltd (CACC) to research and develop specialized steel plates for China's large aircraft program, a company official said.