China’s largest steelmaker Baoshan Iron & Steel (Baosteel), a subsidiary of the state-owned China Baowu Steel Group, produced 12.56 million tons of pig iron and 13.3 million tons of steel in the third quarter of 2024, Reuters reports, citing the company’s report on the Shanghai Stock Exchange.

In the first 9 months of this year, the total production of pig iron amounted to 36.68 million tons and steel – 39.61 million tons. The company’s export shipments amounted to 4.66 million tons in January-September.

Baosteel reported a nearly 65% year-on-year drop in net profit in Q3, driven by falling steel prices, to RMB 1.34 billion ($188 million). The company’s net profit for 9M2024 fell by 29.5% y/y – to RMB 5.88 billion.

In total, Chinese steelmakers’ losses in January-September this year amounted to 34.1 billion yuan. However, as stated in Baosteel, demand showed signs of stabilization after a number of stimulus measures were announced in late September, which improved sentiment.

Baosteel intends to increase steel exports to 10 million tons per year by 2028. In the first half of 2024, the company’s exports reached a record high of 3.04 million tons. In 2023, this figure increased by 46.6% year-on-year to a record high of about 5.84 million tons. The company considers its advantages in the global market to be a wide range of products and a well-established international marketing network.