Chinese steel giant Baowu’s Ma’anshan Iron and Steel reported that its operating revenue amounted to CNY 56.367 billion (USD 8.2 billion) in H1 of 2022, down 0.% YoY, while net profit came to CNY 1.428 billion (USD 210 million), down 69.3% YoY. Masteel’s outputs of pig iron, crude steel and finished steel amounted to 9.62 million tonnes, 10.98 million tonnes and 10.70 million tonnes, up 2.2%, down 2.1% & down 0.5% YoY, respectively.Ma'anshan Anhui Province based Ma’anshan Iron & Steel Company, known as Masteel or Magang, is a Chinese listed company which engaged in steel manufacturing. The history of the steel plant could be traced back to Ma'anshan Iron Mining Plant, established in 1953. Since its establishment in 1993, Ma’anshan Iron & Steel Company was controlled by the Chinese governments. However, the indirect parent company was changed to central government owned China Baowu Steel Group in June 2019, after the Group acquired 51% stake of Masteel Group, the direct parent company of the listed company from the Anhui provincial government. It is a major supplier of the train wheels to China Railway High-speed trains such as Fuxing.
Chinese steel giant Baowu’s Ma’anshan Iron and Steel reported that its operating revenue amounted to CNY 56.367 billion (USD 8.2 billion) in H1 of 2022, down 0.% YoY, while net profit came to CNY 1.428 billion (USD 210 million), down 69.3% YoY. Masteel’s outputs of pig iron, crude steel and finished steel amounted to 9.62 million tonnes, 10.98 million tonnes and 10.70 million tonnes, up 2.2%, down 2.1% & down 0.5% YoY, respectively.Ma'anshan Anhui Province based Ma’anshan Iron & Steel Company, known as Masteel or Magang, is a Chinese listed company which engaged in steel manufacturing. The history of the steel plant could be traced back to Ma'anshan Iron Mining Plant, established in 1953. Since its establishment in 1993, Ma’anshan Iron & Steel Company was controlled by the Chinese governments. However, the indirect parent company was changed to central government owned China Baowu Steel Group in June 2019, after the Group acquired 51% stake of Masteel Group, the direct parent company of the listed company from the Anhui provincial government. It is a major supplier of the train wheels to China Railway High-speed trains such as Fuxing.
