Shanghai Baosteel Group Corporation, usually known as Baosteel is a state-owned steel company which is one of the biggest steel producers in the world, based on output. Its 2000 initial public offering in Shanghai was the largest in China at the time even though it was restricted to domestic investors.

China’s No 1 steelmaker wants to be the next Alibaba selling steel online

Baosteel plans to set up a brand new e-commerce platform with an initial registered capital of 2 billion yuan. Photo: EPA

Many Chinese people want to be the next Jack Ma in China nowadays and many companies want to copy the success story of Alibaba too including the latest and unusual effort by something that doesn’t have too much to do with technology – China’s No.1 steelmaker.

Monday, 23 February, 2015, 10:19pm

Baoshan Iron & Steel says net profit flat, sales slip

A worker strides past logo of Baoshan Iron & Steel. The most profitable steel company in China said its net profit was flat. Photo: Reuters

Shanghai-based Baoshan Iron & Steel, the mainland’s most profitable steel producer, posted a preliminary net profit of 5.82 billion yuan (HK$7.39 billion) for last year, which is flat compared to 2013.

Sales fell 0.84 per cent to 188.4 billion yuan last year from 2013, it said in a filing to Shanghai’s stock exchange on Wednesday.

15 Jan 2015 - 8:05am

Aquila and Mineral Resources in talks to thwart Baosteel bid

Baosteel said it saw no role for itself in the West Pilbara project if its takeover did not go ahead, and it might sell its stake in Aquila.

Aquila Resources and new strategic stakeholder Mineral Resources said yesterday that they plan to announce a deal that could thwart Chinese steel giant Baosteel Resources' US$1 billion bid for Aquila.

17 Jun 2014 - 5:13am

Will the dealmakers go to Shanghai's financial centre?

Photo: AFP

How can Shanghai get ready to be a financial centre by 2020? We've talked about world-class infrastructure, freedom of capital flows, and of course the rule of law. But are we missing a basic requirement - people?

7 Oct 2013 - 7:12am

Steel prices to weaken, Baosteel GM says

China's steel prices are expected to weaken in the second half of the year. Photo: EPA

Overcapacity on the mainland, which produces nearly half the world's steel, has reduced the profit margins of domestic steelmakers. Baosteel reported a 61 per cent drop in first-half earnings on Friday.

27 Aug 2013 - 4:30am

Steelmakers cut output in face of falling prices

Baosteel slashed prices for the first time in nine months this month and is expected to cut again next month, slicing razor-thin margins further.

Some mainland steelmakers are tentatively curbing output by starting plant maintenance as weak prices squeeze margins. However, the cuts look too little and too late to support steel prices, which are at their lowest level in more than nine months.

8 Jun 2013 - 3:39am

Fortescue weighs IPO for ore venture

Fortescue expects the iron ore price to fluctuate between US$120 and US$130 per tonne for the foreseeable future. Photo: Bloomberg

Chief executive Neville Power said in a media briefing at the Boao Forum yesterday that the group was studying the feasibility of an initial public offering of FMG Iron Bridge, an iron ore project it jointly develops with Baosteel in Western Australia.

8 Apr 2013 - 3:17am

Briefs, January 10, 2013

Mercedes-Benz sales in China up 4pc to record

Unaudited net profit at Baoshan Iron & Steel, the country's largest listed steelmaker, rose about 40 per cent last year to 10.3 billion yuan (HK$12.8 billion), helped by the sale of some assets, the firm said. But operating profit before one-off items fell 33 per cent to 6.2 billion yuan.

10 Jan 2013 - 4:21am

Hard-hit state firms may follow Baosteel's lead in selling assets

Leading steel-maker Baosteel's share divestment in China Construction Bank last week shows large state-owned enterprises hit hard by overcapacity could need to further sell non-core assets to generate liquidity, analysts said.

Baosteel yesterday confirmed the sale, which reportedly raised HK$4 billion, saying the move was a "market operation".

13 Sep 2012 - 11:44am

Baosteel behind sale of CCB shares

China Construction Bank is one of the better performing banks on the mainland, following a drop in bad loans. Photo: Bloomberg

A shareholder sold a large chunk of China Construction Bank shares yesterday, hoping to raise up to HK$4 billion, term sheets showed, without naming the vendor.

A banker familiar with the transaction told the South China Morning Post that leading steelmaker Baosteel was behind the sale.

8 Sep 2012 - 2:55am

Baosteel behind HK$4 billion sell-off of CCB shares

China Construction Bank's Hong Kong headquarters,  CCB Tower, in Central. Photo: K. Y. Cheng

A mainland shareholder sold a large chunk of China Construction Bank on Friday, hoping to raise up to HK$4 billion, according to term sheets seen by the South China Morning Post.

A banker familiar with the transaction told the Post the shareholder was leading steel maker Baosteel.

7 Sep 2012 - 10:35pm

Villagers pay high price for steel plant project

Thousands of residents in Zhanjiang, Guangdong, have been left jobless, homeless and unemployed as a result of the local government's plan to invest 70 billion yuan (HK$85.6 billion) to create an iron and steel production base on the city's scenic Donghai Island.

7 Jun 2012 - 12:00am

Angang Steel shares drop as weaker growth hits

Angang Steel shares dropped as much as 5 per cent yesterday on a profit warning and weaker-than-expected economic growth on the mainland.

17 Apr 2012 - 12:00am

Baosteel calls in BOC for yuan bond offer

Baosteel Group, China's second-largest steel producer, has mandated Bank of China as lead manager and book-runner for a proposed yuan-denominated bond offering.

The bonds were expected to be launched, subject to market conditions, following a series of investor conference calls and meetings, a person familiar with the terms of the deal said.

21 Feb 2012 - 12:00am

Milestone in shipbuilding unveiled

The largest bulk vessel ever built in a shipyard in southern China stood berthed at a Longxue Island dock in Guangzhou for a naming ceremony yesterday that marked a milestone in the mainland's bulk shipping market and renewed hope for the sector.

6 Feb 2010 - 12:00am