Baosteel released the annual report for the H1 of this year on August 23.

According to the report, Baosteel produced 10.89 million tonnes of pig iron, 11.149 million tonnes of steel products. Meanwhile, it sold 11.214 million tonnes of steel semis with a total profit of CNY 4.47 billion.

In the H1 of this year, Chinese steel industry kept increasing. The production of Chinese crude steel hit 410 million tonnes up 3% YoY; that of steel products totaled 550 million tonne, up 6.4% YoY. The inventory of Chinese HRC, CRC and rebar increased constantly since the end of last year while the steel price continued falling.

Thus, the situation of meager profit in steel industry still exists. 88 large and medium sized steelmakers posted a profit of CNY 7.48 billion surged by 133.5% that of Baosteel accounted for almost 60% of the total profit.