Baosteel more than doubled its net profit in the third quarter

Baoshan Iron & Steel (Baosteel), China’s largest publicly traded steel producer, more than doubled its net profit in the third quarter of this year compared to the same period last year, Reuters reports.

These results are due to better-than-expected domestic demand and significant steel exports.

Baosteel’s net profit in July-September amounted to 3.08 billion yuan ($432.4 million), up 130% year-on-year. The figure for the first nine months was 7.96 billion yuan (+35.3% y/y).

According to Baosteel, the third quarter saw steady growth in demand for steel, especially from the high-quality manufacturing and new energy sectors. The company noted that the steel industry is still facing weak demand amid strong supply, as well as pressure from high costs, environmental transformation, and modernization.

In the first nine months, Baosteel received export orders for 5.17 million tons (+10.9% y/y). The company had previously announced plans to export 15 million tons of steel in 2026.

In the third quarter, Baosteel produced 12.77 million tons of pig iron and 13.06 million tons of steel, while for the first nine months, these volumes amounted to 36.48 million tons and 38.79 million tons, respectively.

As GMK Center reported earlier, China’s largest steel producer planned to produce 52.61 million tons of steel and 48.79 million tons of pig iron in 2025 and expected a nationwide reduction in output due to external pressure on the industry, which is already struggling with excess capacity and weak demand.