https://www.scmp.com/rss/54369/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Reuters Reuters China’s biggest listed steelmaker, Baoshan Iron & Steel, said a nationwide output cut was likely this year and flagged external pressures on an industry that is already grappling with overcapacity and faltering demand. “Chances for a cut are high as it has been mentioned in the government report,” deputy general manager Cai Yanbo said at the company’s first-quarter results briefing on Monday, when asked about market talks of cutting 50 million metric tons of Chinese crude steel output this... https://www.scmp.com/business/china-business/article/3308210/chinas-baosteel-expects-nationwide-output-cuts-fix-market-imbalance?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3308210/chinas-baosteel-expects-nationwide-output-cuts-fix-market-imbalance?utm_source=rss_feed Mon, 28 Apr 2025 09:24:23 +0000 Eric Ng Eric Ng The construction industry needs to see faster progress on regulations and pilot programmes to boost the uptake of low-carbon materials and technology to accelerate the sector’s decarbonisation in Hong Kong and mainland China, according to Hang Lung Properties. “The policy environment matters a lot, because we can only rely on the industries to move things so far so fast,” said John Haffner, deputy director of sustainability at the developer, which is active in Hong Kong and the... https://www.scmp.com/business/climate-and-energy/article/3290661/hang-lung-pushes-faster-decarbonisation-hong-kong-and-chinas-construction-industry?utm_source=rss_feed https://www.scmp.com/business/climate-and-energy/article/3290661/hang-lung-pushes-faster-decarbonisation-hong-kong-and-chinas-construction-industry?utm_source=rss_feed Sun, 22 Dec 2024 02:00:10 +0000 China’s industry ministry directed all regions to suspend a steel industry upgrade programme from Friday, with producers facing mounting losses amid a “harsh winter” that is worse than the global financial crisis of 2008. The world’s top steel producer has been working to cut capacity within its steel industry for years in a bid to reduce oversupply and pollution. The replacement programme, introduced in 2015, is aimed at reducing iron and steel capacity by requiring new facilities to be smaller... https://www.scmp.com/economy/china-economy/article/3275651/chinas-steelmakers-face-cruel-reality-harsh-winter-comes-embattled-industry?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3275651/chinas-steelmakers-face-cruel-reality-harsh-winter-comes-embattled-industry?utm_source=rss_feed Sat, 24 Aug 2024 02:00:16 +0000 Even to the casual observer, the streets of China look very different compared to a few short years ago. A passing glance would be enough for most to notice the changes – sleek electric vehicles (EVs) with the marques of Chinese brands dominate the roads where gas-powered and foreign models once reigned supreme. This is perhaps nowhere more evident than in the status of Japanese models; though they commanded a third of the market at their peak, they now account for fewer than two of every 10... https://www.scmp.com/economy/china-economy/article/3275150/how-china-and-japans-brotherhood-steel-forged-deng-xiaoping-ultimately-corroded?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3275150/how-china-and-japans-brotherhood-steel-forged-deng-xiaoping-ultimately-corroded?utm_source=rss_feed Tue, 20 Aug 2024 22:00:10 +0000 Several Chinese state controlled enterprises have revealed their majority shareholders’ plan to increase stakes in some of the nation’s biggest companies while Baoshan Steel, the world’s biggest maker of the alloy, announced an aggressive buy-back amid efforts to stabilise the domestic equity markets. These plans, involving a total of around 4 billion yuan (US$547 million), were disclosed on the Shanghai and Shenzhen exchanges on Monday night. State-owned Baoshan Steel revealed it would spend as... https://www.scmp.com/business/china-business/article/3238195/chinas-listed-central-soes-plan-splurge-us547-million-share-buy-backs-beijing-signals-growing-state?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3238195/chinas-listed-central-soes-plan-splurge-us547-million-share-buy-backs-beijing-signals-growing-state?utm_source=rss_feed Tue, 17 Oct 2023 06:15:09 +0000 China is the world’s biggest producer of steel, an industry that is not only one of the most polluting in the country, but also a major energy consumer and carbon emitter globally. In China, the industry accounts for about 11 per cent of its energy consumption and 15 per cent of its carbon emissions. Every tonne of crude steel produced in China, which accounts for more than half the world’s output, also produces nearly 2 tonnes of carbon dioxide – a carbon emission intensity second only to... https://www.scmp.com/comment/opinion/article/3227720/how-chinas-steel-mills-are-turning-new-bonds-fund-their-green-transition-and-net-zero-goals?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3227720/how-chinas-steel-mills-are-turning-new-bonds-fund-their-green-transition-and-net-zero-goals?utm_source=rss_feed Fri, 14 Jul 2023 13:15:10 +0000 The world’s biggest iron ore miner and top steel producer are teaming up to collaborate on projects to cut carbon emissions in the highly polluting steelmaking sector. Rio Tinto Group and China Baowu Steel Group have signed a memorandum of understanding to explore several initiatives including setting up green steel facilities in China and Western Australia, Rio said in a statement. The MoU is an example of miners working with their customers as the steel sector – one of the biggest sources of... https://www.scmp.com/business/companies/article/3223787/rio-tinto-china-baowu-jointly-explore-green-steel-projects-cut-carbon-emissions?utm_source=rss_feed https://www.scmp.com/business/companies/article/3223787/rio-tinto-china-baowu-jointly-explore-green-steel-projects-cut-carbon-emissions?utm_source=rss_feed Mon, 12 Jun 2023 08:15:40 +0000 Baoshan Iron and Steel (Baosteel) plans to build its first overseas “green steel” plant in a joint venture with two state-backed companies in Saudi Arabia, as part of China’s Belt and Road Initiative. The flagship unit of China Baowu Group, the world’s top steelmaker, has agreed to plough US$437.5 million for a 50 per cent stake in the proposed joint venture, Baosteel said in a filing to the Shanghai stock exchange on Thursday. Oil and gas giant Saudi Aramco and Saudi sovereign wealth fund... https://www.scmp.com/business/china-business/article/3219364/chinas-baosteel-signs-deal-saudi-aramco-pif-build-green-steel-plant-part-belt-and-road-initiative?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3219364/chinas-baosteel-signs-deal-saudi-aramco-pif-build-green-steel-plant-part-belt-and-road-initiative?utm_source=rss_feed Thu, 04 May 2023 09:00:10 +0000 Last year was China’s second-hottest year on average, according to the country’s annual climate bulletin released earlier this month. Average temperatures last spring, summer and autumn were the highest since records began. Releasing the report, National Climate Centre deputy director Jia Xiaolong stressed the importance of remaining alert to “low-probability, high-impact” climate events – such as the 2013 heatwave that pushed temperatures above 40 degrees Celsius in at least 40 Chinese cities... https://www.scmp.com/comment/opinion/article/3211002/green-hydrogen-chinas-answer-steel-mill-carbon-emissions?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3211002/green-hydrogen-chinas-answer-steel-mill-carbon-emissions?utm_source=rss_feed Sun, 26 Feb 2023 14:00:13 +0000 China’s steel industry, which has some of the world’s youngest production facilities, will go through a multistage technology-driven decarbonisation journey, according to a senior executive at Australian mining giant BHP, which is helping the sector make this transition. The installation of carbon capture and storage facilities will be among technologies that will be key to reducing the carbon footprint of the industry in China and India – the world’s two largest steel producers – in the medium... https://www.scmp.com/business/article/3167516/climate-change-technology-key-decarbonisation-chinese-steel-mills-bhp?utm_source=rss_feed https://www.scmp.com/business/article/3167516/climate-change-technology-key-decarbonisation-chinese-steel-mills-bhp?utm_source=rss_feed Sun, 20 Feb 2022 04:00:18 +0000 China’s ravenous appetite for iron ore has helped Australian miner Fortescue double its profits and achieve record shipments while making Australian shareholders and governments wealthier with a bumper dividend and royalty payouts. In its 2020-21 financial year results released on Monday, Fortescue said it had more than doubled its net profits to US$10.3 billion and unveiled total dividends of about US$8 billion. The miner, which ships almost all of its iron ore to China, said it reached its... https://www.scmp.com/economy/china-economy/article/3146926/china-australia-trade-iron-ore-miner-fortescue-set-earnings?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3146926/china-australia-trade-iron-ore-miner-fortescue-set-earnings?utm_source=rss_feed Mon, 30 Aug 2021 20:30:12 +0000 Baowu Steel Group, the world’s largest steelmaker, has established an investment fund focusing on carbon-neutral projects to bolster China’s ambitions of getting greenhouse emissions under control. The state-owned company said in a statement that it aimed to ultimately raise 50 billion yuan (US$7.73 billion), along with its partners China Pacific Insurance, the National Green Development Fund and CCB Financial Asset Investment. The fundraising target for the first phase is 10 billion yuan. The... https://www.scmp.com/business/companies/article/3141411/baowu-steel-group-plans-us77-billion-fund-pursue-carbon-neutral?utm_source=rss_feed https://www.scmp.com/business/companies/article/3141411/baowu-steel-group-plans-us77-billion-fund-pursue-carbon-neutral?utm_source=rss_feed Fri, 16 Jul 2021 09:29:48 +0000 China has called for greater risk controls among commodity futures traders after overnight measures to cool rapid run-ups that sent contracts on iron ore to steel to record highs amid a global supply squeeze. The Dalian Commodity Exchange raised the margin requirement and widened the daily trading band for iron ore contracts starting Tuesday, without giving specific numbers, according to a statement posted its website late on Monday. The Shanghai Futures Exchange also on the same day raised... https://www.scmp.com/business/markets/article/3133020/chinas-commodity-exchanges-move-cool-iron-ore-steel-prices-supply?utm_source=rss_feed https://www.scmp.com/business/markets/article/3133020/chinas-commodity-exchanges-move-cool-iron-ore-steel-prices-supply?utm_source=rss_feed Tue, 11 May 2021 06:02:14 +0000 The decision by Chinese steel mills to fire up prices amid soaring raw material costs has raised concern about inflation risks in the world’s second largest economy and the impact this may have on smaller manufacturers who cannot pass on higher costs. Commodity prices are above pre-pandemic levels in China, with the cost of iron ore, one of the main ingredients used to make steel, hitting a record high of US$200 per tonne last week. That prompted nearly 100 steelmakers, including leading... https://www.scmp.com/economy/global-economy/article/3132936/chinas-steel-prices-spike-record-raw-material-costs-raising?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3132936/chinas-steel-prices-spike-record-raw-material-costs-raising?utm_source=rss_feed Mon, 10 May 2021 14:00:06 +0000 China’s steel mills can meet their goal of reducing carbon emissions if the industry is willing to accept the high cost of improving the efficiency of production, according to analysts. As the largest crude steel producer and consumer, China’s steel accounts for about 15 per cent of the country’s carbon emissions and over 60 per cent of the global steel industry’s emissions. Steel companies in the country are under pressure now Beijing has fully committed to achieving carbon neutrality by 2050.... https://www.scmp.com/business/china-business/article/3128151/chinas-steel-mills-must-improve-efficiency-if-theyre-cut?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3128151/chinas-steel-mills-must-improve-efficiency-if-theyre-cut?utm_source=rss_feed Mon, 05 Apr 2021 01:45:09 +0000 Anglo-Australian miner BHP has signed its second carbon-emissions deal with Chinese steel mills in four months, as China’s top legislative body this week emphasised the importance of reducing harmful emissions. BHP signed a memorandum of understanding (MOU) with one of its major customers, Chinese steel producer HBIS Group, to invest up to US$15 million over three years in a joint study to explore technologies that could help reduce greenhouse gas pollution. BHP and HBIS Group, one of China’s... https://www.scmp.com/economy/china-economy/article/3124727/china-australia-relations-bhp-makes-another-anti-pollution?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3124727/china-australia-relations-bhp-makes-another-anti-pollution?utm_source=rss_feed Tue, 09 Mar 2021 11:15:19 +0000 Mergers and acquisitions in China are set to shrink for a second year in 2019 on the back of a slump in deals in technology and real estate industries, according to data provider Dealogic. The total value of M&A – inbound and domestic – stands at US$344.3 billion so far this year, 24 per cent lower than 2018, Dealogic said in a report on Wednesday. The technology sector saw M&A values sink 51 per cent as “the contraction was a result of a lack of large deals and funding rounds in the technology... https://www.scmp.com/business/companies/article/3042626/technology-property-sectors-weigh-ma-china-second-year-row?utm_source=rss_feed https://www.scmp.com/business/companies/article/3042626/technology-property-sectors-weigh-ma-china-second-year-row?utm_source=rss_feed Wed, 18 Dec 2019 09:15:11 +0000 In China’s bid to rejuvenate its steel sector, it is betting on size. Beijing wants the country’s top 10 steel producers to have 60 per cent of the overall capacity by 2020 as it moves to improve efficiency, according to a plan by the National Development and Reform Commission, which is in charge of China’s macroeconomic planning. In 2018, the mainland’s 10 largest steel companies reported a combined output of 340 million tonnes, accounting for 36.5 per cent of the national total. “In the coming... https://www.scmp.com/business/companies/article/3038087/beijing-betting-bigger-better-it-pushes-consolidation-state?utm_source=rss_feed https://www.scmp.com/business/companies/article/3038087/beijing-betting-bigger-better-it-pushes-consolidation-state?utm_source=rss_feed Sun, 17 Nov 2019 06:30:10 +0000 The trade war between the United States and China is having “no effect” on the Chinese steel sector, which is being propped up by “surging domestic demand”, according to a new study. New research by US analysts shows that Chinese steel producers are enjoying more exemptions from US President Donald Trump’s tariffs on steel than those from US allies Canada, South Korea, Spain and the United Kingdom. This is despite the fact that when the tariffs were invoked under Section 232 of the Trade... https://www.scmp.com/economy/china-economy/article/2186142/us-china-trade-war-having-no-effect-china-steel-amid-surging?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/2186142/us-china-trade-war-having-no-effect-china-steel-amid-surging?utm_source=rss_feed Thu, 14 Feb 2019 11:30:30 +0000 Hunan Valin Steel and Chongqing Iron & Steel led the decliners among Chinese makers of the alloy in mainland trading after US President Donald Trump signed off on hefty tariffs on imported metals. Hunan Valin slumped 9.4 per cent to 9.04 yuan (US$1.43) on Friday in Shenzhen, capping the biggest drop since September 2016. Chongqing Steel slid 3.5 per cent to 2.49 yuan in Shanghai and Baoshan Iron & Steel dropped 3 per cent to 9.10 yuan. The benchmark Shanghai Composite Index closed 0.6 per cent... https://www.scmp.com/business/china-business/article/2136487/chinese-steelmakers-slide-after-trump-levies-25pc-tariff-us?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2136487/chinese-steelmakers-slide-after-trump-levies-25pc-tariff-us?utm_source=rss_feed Fri, 09 Mar 2018 03:42:36 +0000 The landmark merger of Baosteel Group and Wuhan Iron and Steel Group (Wisco) will help quicken consolidation of China’s steel sector, bringing important reforms back on track that had fallen behind expectations of senior economic planners in Beijing. But Beijing’s efforts to combine the nation’s largest steel mills will only be effective in curbing excess capacity if low steel prices and industry barrier regulation enforcement persist, according to some analysts. “We do not think that [such a... https://www.scmp.com/business/companies/article/2025028/baosteel-wisco-marriage-sets-stage-faster-steel-industry?utm_source=rss_feed https://www.scmp.com/business/companies/article/2025028/baosteel-wisco-marriage-sets-stage-faster-steel-industry?utm_source=rss_feed Tue, 04 Oct 2016 12:52:50 +0000 China’s State Council has given the green light to merge two of the country’s largest steel mills to create what could become the world’s second-largest producer, kick-starting president Xi Jinping’s programme to consolidate excess production capacity into fewer, larger groups. Baoshan Iron & Steel Co., the listed unit of China’s second-biggest steel producer, will swap shares with Wuhan Iron & Steel Co., the number six steelmaker, according to Wuhan’s press statement. The combined steel company... https://www.scmp.com/business/companies/article/2021668/shanghai-baosteel-wuhan-given-green-light-form-chinas-biggest?utm_source=rss_feed https://www.scmp.com/business/companies/article/2021668/shanghai-baosteel-wuhan-given-green-light-form-chinas-biggest?utm_source=rss_feed Thu, 22 Sep 2016 09:46:48 +0000 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 unusal effort by something that doesn’t have too much to do with technology – China’s No.1 steelmaker. Shanghai-headquartered Baosteel surprised its shareholders this week by announcing a grand plan on red-hot e-commerce business in the world’s second largest economy. Baosteel said in a stock filing to the Shanghai Stock Exchange on Tuesday... https://www.scmp.com/business/companies/article/1702946/chinas-no-1-steelmaker-wants-be-next-alibaba-selling-steel-online?utm_source=rss_feed https://www.scmp.com/business/companies/article/1702946/chinas-no-1-steelmaker-wants-be-next-alibaba-selling-steel-online?utm_source=rss_feed Thu, 05 Feb 2015 08:34:47 +0000 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. The profit was 15 per cent lower than the 6.89 billion yuan average estimate of analysts polled by Thomson Reuters, which two analysts told the Post may be due to... https://www.scmp.com/business/commodities/article/1679834/baoshan-iron-steel-says-net-profit-flat-sales-slip?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1679834/baoshan-iron-steel-says-net-profit-flat-sales-slip?utm_source=rss_feed Thu, 15 Jan 2015 00:05:18 +0000 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. Aquila and Mineral Resources both sought trading halts on their shares, saying they aimed to make an announcement on a deal by tomorrow. Spokesmen for both firms declined to comment on the nature of the deal. At stake is the US$7 billion West Pilbara Iron Ore mine, rail and port project, which has... https://www.scmp.com/business/commodities/article/1534325/aquila-and-mineral-resources-talks-thwart-baosteel-bid?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1534325/aquila-and-mineral-resources-talks-thwart-baosteel-bid?utm_source=rss_feed Mon, 16 Jun 2014 21:13:42 +0000 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? I am not just talking about how experienced financial industry workers can turn the small town of Lujiazui in Shanghai, China's so-called Wall Street, into a true international financial centre. I am more interested in the inflow of dealmakers and financial industry stakeholders from... https://www.scmp.com/business/banking-finance/article/1325941/will-dealmakers-go-shanghais-financial-centre?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1325941/will-dealmakers-go-shanghais-financial-centre?utm_source=rss_feed Sun, 06 Oct 2013 16:00:00 +0000 Mainland steel prices are expected to weaken in the second half of the year as supply continues to outstrip demand, a senior executive with Baoshan Iron & Steel, the country's biggest listed steelmaker, said yesterday. 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. With about 300 million tonnes of surplus steel capacity - equivalent to nearly... https://www.scmp.com/business/commodities/article/1299615/steel-prices-weaken-baosteel-gm-says?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1299615/steel-prices-weaken-baosteel-gm-says?utm_source=rss_feed Mon, 26 Aug 2013 16:00:00 +0000 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. With a glut in supply persisting, an extended period of weak steel prices on the mainland, the world's largest consumer and producer of steel, is likely to put more pressure on iron ore. Prices for ore have fallen by a third this year and are set to... https://www.scmp.com/business/commodities/article/1256008/steelmakers-cut-output-face-falling-prices?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1256008/steelmakers-cut-output-face-falling-prices?utm_source=rss_feed Fri, 07 Jun 2013 16:00:00 +0000 Fortescue Metals, the third-largest iron ore miner in Australia, is considering a listing of its joint venture with China's Baosteel in either Hong Kong or Shanghai. 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. In selecting the listing destination, Power said, the group would take into... https://www.scmp.com/business/companies/article/1209566/fortescue-weighs-ipo-ore-venture?utm_source=rss_feed https://www.scmp.com/business/companies/article/1209566/fortescue-weighs-ipo-ore-venture?utm_source=rss_feed Sun, 07 Apr 2013 16:00:00 +0000 Baosteel operating earnings fall 33pc 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. Reuters   Citic Securities results plunge from year ago Citic Securities reported revenue of 1.07 billion yuan and net profit of 434.71 million yuan for last month and net... https://www.scmp.com/business/china-business/article/1124227/briefs-january-10-2013?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1124227/briefs-january-10-2013?utm_source=rss_feed Wed, 09 Jan 2013 16:00:00 +0000 Baoshan Iron & Steel and its parent Baosteel Group have agreed to invest a total of 10 billion yuan (HK$12.3 billion) to take a minority stake in PetroChina's third west-to-east natural gas pipeline construction. Shanghai-listed Baoshan, one of the mainland's largest steel smelters, said its board has agreed to take a 12.8 per cent stake in the project, which requires it to invest eight billion yuan of equity capital. The move is aimed at expanding steel pipe sales. Baosteel Group will take a... https://www.scmp.com/business/commodities/article/1109392/baoshan-takes-stake-petrochina-pipeline?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1109392/baoshan-takes-stake-petrochina-pipeline?utm_source=rss_feed Thu, 20 Dec 2012 16:00:00 +0000 Baosteel Group, the mainland's second-biggest steel producer, has begun moving part of its production facilities out of Shanghai in response to the city's efforts to reduce pollution. In a pact with the municipal government signed in July, the steel giant pledged to cut iron and steel output in Shanghai by more than 12 million tonnes - about a third of its total output - over the next five to 10 years. The facilities will be moved to other parts of the country, including Zhanjiang in Guangdong... https://www.scmp.com/news/china/article/1084298/baosteel-moving-plants-out-shanghai-cut-pollution?utm_source=rss_feed https://www.scmp.com/news/china/article/1084298/baosteel-moving-plants-out-shanghai-cut-pollution?utm_source=rss_feed Fri, 16 Nov 2012 16:00:00 +0000 China's leading steel manufacturer Baosteel's share divestment in China Construction Bank last week signals large state-owned enterprises hit hard by overcapacity could need to further jettison non-core assets to generate liquidity, analysts said. The South China Morning Post reported last week that Baosteel was the seller behind the CCB share sale that aimed to raise HK$4 billion. Baosteel confirmed the news yesterday, saying the move was a "market operation", without commenting further. "Most... https://www.scmp.com/business/china-business/article/1035352/baosteels-sell-down-could-signal-start-rethink-state-owned?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1035352/baosteels-sell-down-could-signal-start-rethink-state-owned?utm_source=rss_feed Wed, 12 Sep 2012 16:00:00 +0000 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". "Most steel mills lost money in August. It's reasonable to sell down some non-core investment to boost cash flow," said Stanley Li, an analyst... https://www.scmp.com/business/article/1035248/hard-hit-state-firms-may-follow-baosteels-lead-selling-assets?utm_source=rss_feed https://www.scmp.com/business/article/1035248/hard-hit-state-firms-may-follow-baosteels-lead-selling-assets?utm_source=rss_feed Wed, 12 Sep 2012 16:00:00 +0000 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. The shareholder offered 810 million shares of the country's second-largest bank at HK$5.08 each, the International Financing Review reported yesterday. The offering price was at about 2 per cent discount to the... https://www.scmp.com/business/companies/article/1031920/baosteel-behind-sale-ccb-shares?utm_source=rss_feed https://www.scmp.com/business/companies/article/1031920/baosteel-behind-sale-ccb-shares?utm_source=rss_feed Fri, 07 Sep 2012 16:00:00 +0000 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. The shareholder offered 810 million Hong Kong-traded shares of China’s second-largest bank at a price of HK$5.08 per share, the International Financing Review reported on Friday. The offering price was about a 2 per... https://www.scmp.com/business/companies/article/1031843/baosteel-behind-hk4-billion-sell-ccb-shares?utm_source=rss_feed https://www.scmp.com/business/companies/article/1031843/baosteel-behind-hk4-billion-sell-ccb-shares?utm_source=rss_feed Fri, 07 Sep 2012 14:14:15 +0000 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. The plant, to be built by China's largest steel group, Baosteel, was among more than 100 projects approved last month by the National Development and Reform Commission. Guangdong media ran a photo on May 28 of Zhanjiang Mayor Wang... https://www.scmp.com/article/1003238/villagers-pay-high-price-steel-plant-project?utm_source=rss_feed https://www.scmp.com/article/1003238/villagers-pay-high-price-steel-plant-project?utm_source=rss_feed Wed, 06 Jun 2012 16:00:00 +0000 Angang Steel shares dropped as much as 5 per cent yesterday on a profit warning and weaker-than-expected economic growth on the mainland. The largest steel company traded in Hong Kong expects to lose 1.89 billion yuan (HK$2.32 billion) in the first quarter, compared with a 71 million yuan gain in the same period last year, the company said yesterday. Shares in Angang dropped as low as HK$5.16 before ending at HK$5.31, down 2.7 per cent. The mainland steel industry was expected to be hit by... https://www.scmp.com/article/998427/angang-steel-shares-drop-weaker-growth-hits?utm_source=rss_feed https://www.scmp.com/article/998427/angang-steel-shares-drop-weaker-growth-hits?utm_source=rss_feed Mon, 16 Apr 2012 16:00:00 +0000 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. Baosteel, the Shanghai-based parent of listed Baoshan Iron & Steel, yesterday held an investor telephone conference and online presentation with investors.... https://www.scmp.com/article/993277/baosteel-calls-boc-yuan-bond-offer?utm_source=rss_feed https://www.scmp.com/article/993277/baosteel-calls-boc-yuan-bond-offer?utm_source=rss_feed Mon, 20 Feb 2012 16:00:00 +0000 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. The CSB Fortune, built in 21 months by CSSC Guangzhou Longxue Shipbuilding, is a 230,000 deadweight tonne vessel. Today it is expected to be delivered to China Shipping Development and sent on its maiden voyage to Australia, where it will pick up iron... https://www.scmp.com/article/705607/milestone-shipbuilding-unveiled?utm_source=rss_feed https://www.scmp.com/article/705607/milestone-shipbuilding-unveiled?utm_source=rss_feed Fri, 05 Feb 2010 16:00:00 +0000 Hebei Iron & Steel Group has overtaken Baoshan Iron and Steel as the industry leader after a string of domestic mergers, the Ministry of Industry and Information Technology said. The ministry also said on its website that crude steel production in May rose 7.02 per cent from April and 0.57 per cent from a year ago to 46.46 million tonnes. Hebei province, the largest steel producer in the country, had an output of 11.6 million tonnes in May, up 10.8 per cent from the same period last year, it... https://www.scmp.com/article/686254/hebei-steel-out-front?utm_source=rss_feed https://www.scmp.com/article/686254/hebei-steel-out-front?utm_source=rss_feed Wed, 08 Jul 2009 16:00:00 +0000 Shares in mainland steelmakers surged yesterday amid industry optimism about the coming months, with mills expecting a recovery that began in the second quarter would continue. Shanghai-listed Baoshan Iron & Steel (Baosteel), the country's biggest steelmaker, jumped 8.36 per cent to 7.91 yuan (HK$8.97), the most since February 16. Maanshan Iron & Steel surged the 10 per cent daily to 5.58 yuan, while Wuhan Iron & Steel rose 8.05 per cent to 8.59 yuan, outperforming the Shanghai Composite... https://www.scmp.com/article/686050/steelmakers-pin-hopes-rise-product-prices?utm_source=rss_feed https://www.scmp.com/article/686050/steelmakers-pin-hopes-rise-product-prices?utm_source=rss_feed Mon, 06 Jul 2009 16:00:00 +0000 Baoshan Iron and Steel (Baosteel) has raised prices for its major products 10 to 16 per cent for July delivery, the first increases in four months, industry sources said, signalling the mainland's biggest steelmaker is optimistic about demand. The move fuelled the rally in some Hong Kong-listed steelmakers yesterday, with Angang Steel jumping 8.23 per cent to HK$13.42 and Maanshan Iron and Steel leaping 11.07 per cent to HK$5.42. Prices for hot-rolled steel products will rise 500 yuan (HK$567)... https://www.scmp.com/article/683287/baosteel-raises-costs-key-products?utm_source=rss_feed https://www.scmp.com/article/683287/baosteel-raises-costs-key-products?utm_source=rss_feed Wed, 10 Jun 2009 16:00:00 +0000 The extent of corrosion in the mainland steel sector should become clear this week as Angang Steel and Maanshan Iron & Steel are expected to announce dismal earnings for last year as prices collapsed amid an intensifying economic downturn. The two heavyweight steelmakers could report that net profit plunged 39 and 47 per cent year on year respectively. Investors are bracing for the worst after the mainland steel industry lost 47.7 billion yuan (HK$54.1 billion) in the fourth quarter last... https://www.scmp.com/article/676783/leading-steelmakers-see-profits-plunge?utm_source=rss_feed https://www.scmp.com/article/676783/leading-steelmakers-see-profits-plunge?utm_source=rss_feed Mon, 13 Apr 2009 16:00:00 +0000 Shares of mainland steelmakers surged in Shanghai yesterday as news reports stoked speculation that the government may roll out fresh stimulus measures to encourage strategic mergers within the industry. Baoshan Iron & Steel jumped 9.93 per cent after the Securities Times said a stimulus plan could help the steelmaker buy three affiliates. Angang Steel and Maanshan Iron & Steel rose 9.09 and 10.10 per cent respectively. 'It's certainly a good move for the government to once again encourage... https://www.scmp.com/article/670187/steelmakers-soar-talk-fresh-stimulus-package?utm_source=rss_feed https://www.scmp.com/article/670187/steelmakers-soar-talk-fresh-stimulus-package?utm_source=rss_feed Mon, 16 Feb 2009 16:00:00 +0000 The mainland steel industry, the world's largest, reported a 29.1 billion yuan (HK$33.01 billion) loss in December, its third consecutive money-losing month, bringing total losses in the fourth quarter to 47.7 billion yuan as steelmakers wrote down the value of inventories. Analysts said the situation would improve this quarter because steel prices in the country had been rising for the past 80 days and the destocking of steelmakers was almost finished. Presumably, they will not need to make... https://www.scmp.com/article/669016/steel-industry-reports-losses-477b-yuan-fourth-quarter?utm_source=rss_feed https://www.scmp.com/article/669016/steel-industry-reports-losses-477b-yuan-fourth-quarter?utm_source=rss_feed Thu, 05 Feb 2009 16:00:00 +0000 Investors' hopes for an early recovery in the mainland steel industry look overly optimistic. Since the Hong Kong stock market bottomed in late October, the shares of locally listed mainland steel companies have rebounded handsomely, with both Angang Steel and Maanshan Iron & Steel comfortably outperforming the H-share index (see the first chart below). The rally was fuelled largely by a bounce in mainland steel spot prices from November's lows (see the second chart), coupled with high hopes... https://www.scmp.com/article/668288/steelmakers-outlook-not-strong-investors-believe?utm_source=rss_feed https://www.scmp.com/article/668288/steelmakers-outlook-not-strong-investors-believe?utm_source=rss_feed Thu, 29 Jan 2009 16:00:00 +0000 Mainland steelmakers should not be too optimistic about demand this year because the industry was suffering from overcapacity, a senior official at the China Steel and Iron Association said. Wu Xichun, an adviser to the association, said steel production capacity was likely to outstrip output this year, the China Securities Journal reported. The mainland's steel production capacity reached 660 million tonnes last year, but the industry's output was only about 500 million tonnes. 'It is not... https://www.scmp.com/article/666978/mainland-steelmakers-face-shrinking-demand?utm_source=rss_feed https://www.scmp.com/article/666978/mainland-steelmakers-face-shrinking-demand?utm_source=rss_feed Wed, 14 Jan 2009 16:00:00 +0000 Steel companies on the mainland saw their losses widen last month and, despite recent price increases, analysts do not expect a solid industry rebound until the second quarter of next year. The price of steel on the mainland has rebounded 10 to 15 per cent from its October low, prompting Baosteel to raise its product prices for February. Meanwhile, losses have mounted. Figures from the China Iron and Steel Association show that 71 large and medium-sized steel mills had combined losses of... https://www.scmp.com/article/665260/steel-sector-losses-grow-despite-price-rebound?utm_source=rss_feed https://www.scmp.com/article/665260/steel-sector-losses-grow-despite-price-rebound?utm_source=rss_feed Mon, 29 Dec 2008 16:00:00 +0000 Although top mainland steelmaker Baosteel Group is raising prices of its products for February delivery by 6 to 8 per cent, analysts say the increase, Baosteel's first in five months, is hardly a sign of the steel market rebounding. Baosteel, which always announces its product prices month by month and two months earlier than other steelmakers, was just following other major mills in raising its prices, said Xu Xiangchun, the chief information officer of steel data provider Beijing Ganglian... https://www.scmp.com/article/664945/no-rebound-seen-despite-baosteel-price-rise?utm_source=rss_feed https://www.scmp.com/article/664945/no-rebound-seen-despite-baosteel-price-rise?utm_source=rss_feed Thu, 25 Dec 2008 16:00:00 +0000