Short news metals
May 2, 2013 Category Automotive Metals & Minerals, Short news metals
- Baoshan Iron and Steel Co (Baosteel), China’s largest listed steel maker, has shown its resilience amid the economic slowdown, posting a CNY10.39 billion net profit in the 2012 fiscal year, a year-on-year rise of 41.1%. Baosteel generated CNY191.5 billion in revenue, down 14% year-on-year. The fall is mainly due to the divestment of stainless steel and special steel assets, as well as the closure of its Luojing factory.
- Baoshan Iron and Steel (Baosteel) is in talks with Russian steel and coking coal producer Mechel to buy a 25% stake valued at up to USD1.25 billion in Mechel’s mining division. The entire unit may be valued at USD5 billion, with a blocking stake worth USD1.25 billion. Mechel has had to cut investment and put non-core assets on the market to service the USD9.1 billion debt it amassed while expanding operations before the 2008 financial crisis sent steel and coal prices tumbling. The company had said it might sell up to a 25% stake in Mechel Mining to a strategic partner.
- China’s crude steel output reached 191.89 million tons in the first three months of this year, an increase of 9.1% from a year earlier, according to the National Bureau of Statistics (NBS).
Recent News
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world