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 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.