Baowu Masteel Reports Strong Profits in 2020
Baowu MasteelSCMP

Baowu Masteel Reports Strong Profits in 2020

Baowu’s Anhui Province based Ma'anshan Iron and Steel achieved an operating revenue of CNY 81.54 billion (USD 12.5 billion) in 2020, up 4.2% YoY, while

Baowu’s Anhui Province based Ma'anshan Iron and Steel achieved an operating revenue of CNY 81.54 billion (USD 12.5 billion) in 2020, up 4.2% YoY, while posting a net profit attributable to the shareholders of the listed company amounting to CNY 1.983 billion, up 75.8% YoY. In 2020, Masteel Group produced 18.55 million tonnes of pig iron, 20.97 million tonnes of crude steel and 19.86 million tonnes of finished steel, up 2.5%, 5.7% and 5.8% YoY.

China Baowu Steel Group acquired 51% stake of Masteel Group in June 2019, from the Anhui provincial government.

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