<p>China's biggest listed steelmaker Baoshan Iron & Steel Co has reported 31% YoY plunge in net profit of CNY 3.7 billion (USD 560 million) in January-Mach 2022 quarter, while sales revenue rose 3.8% YoY to CNY 85.98 billion. BaoSteel said "Affected by the Russia-Ukraine conflict, commodity prices jumped significantly. Meanwhile, the resurgent COVID-19 outbreak had hurt overall performance in the industry.”</p><p>BaoSteel’s headquarters & one of its major production bases are located in Shanghai, which started to battle the country's worst pandemic outbreak since the virus was first reported in 2020 in March 2022 as authorities were forced to implement strict lockdowns which disrupted industrial production.</p><p>Baosteel expects steel consumption to improve continuously this year on increasing infrastructure and manufacturing investment, while geopolitical conflicts could also fuel export demand. Baosteel aims to produce 46.87 million tonnes of iron and 51.48 million tonnes of steel in 2022. It produced 10.7 million tonnes of iron and 11.9 million tonnes of steel in the first quarter.</p><p>BaoSteel’s net income in 2021 had surged by 86% to 23.63 billion (USD 3.6 billion). The record-high annual profits were underpinned by robust downstream demand last year and decent steel prices. Its 2021 revenue stood at CNY 364.35 billion, up 29.4% YoY</p>
<p>China's biggest listed steelmaker Baoshan Iron & Steel Co has reported 31% YoY plunge in net profit of CNY 3.7 billion (USD 560 million) in January-Mach 2022 quarter, while sales revenue rose 3.8% YoY to CNY 85.98 billion. BaoSteel said "Affected by the Russia-Ukraine conflict, commodity prices jumped significantly. Meanwhile, the resurgent COVID-19 outbreak had hurt overall performance in the industry.”</p><p>BaoSteel’s headquarters & one of its major production bases are located in Shanghai, which started to battle the country's worst pandemic outbreak since the virus was first reported in 2020 in March 2022 as authorities were forced to implement strict lockdowns which disrupted industrial production.</p><p>Baosteel expects steel consumption to improve continuously this year on increasing infrastructure and manufacturing investment, while geopolitical conflicts could also fuel export demand. Baosteel aims to produce 46.87 million tonnes of iron and 51.48 million tonnes of steel in 2022. It produced 10.7 million tonnes of iron and 11.9 million tonnes of steel in the first quarter.</p><p>BaoSteel’s net income in 2021 had surged by 86% to 23.63 billion (USD 3.6 billion). The record-high annual profits were underpinned by robust downstream demand last year and decent steel prices. Its 2021 revenue stood at CNY 364.35 billion, up 29.4% YoY</p>
