The Chinese steel industry’s performance in the year’s second half is expected to improve over the first half with recovered demand, said Xu Lejiang, chairman of Baosteel Group Corp.

The stronger earnings outlook will also apply to Baosteel, China’s
largest steel producer by output, mainly due to the central
government’s potent economic stimulus measures, Xu told reporters on
the sidelines of the World Economic Forum.

However, Xu said the group’s steel production this year is likely to be
lower than the previous year’s due to output cuts being implemented
earlier in the year when demand was soft.

“We’d just like to match last year’s output level,” Xu said.

Baoshan Iron & Steel Co., Baosteel’s listed unit, posted a 93
percent drop in its first-half net profit to arrive at 669 million yuan.

Source: Chinamining

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