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在线翻译:
szdaily -> Business_Markets -> 
Baosteel to reduce exports to US in second half
    2018-08-29  08:53    Shenzhen Daily

BAOSHAN Iron & Steel Co. expects to reduce exports to the United States in the second half this year but will keep total exports stable, a company executive said in at an investor briefing yesterday.

Known as Baosteel, China’s biggest listed steel producer warned about the risks of trade protectionism in its first-half earnings statement issued Monday.

Baoshan reported a 62.2-percent surge on first-half net profit on firm steel prices, but warned about the risks of trade protectionism in the second half of the year.

The company exported 3.84 million tons of steel products in 2017, with 10.1 percent selling into America.

The Shanghai-based steel giant posted net income of 10.01 billion yuan (US$1.46 billion) in the first half of 2018, compared to 6.17 billion yuan a year ago, according to a statement to the Shanghai Stock Exchange.

Strong earnings followed stable steel prices in the world’s No. 1 steelmaking country. Average Shanghai rebar prices in the first half this year reached a record level of 3,458.4 yuan a ton, up more than 30 percent from prior year.

Average profit margins at Chinese steel mills reached over 1,100 yuan a ton in June, just below the peak level in November last year.

Baosteel’s results also came after months-long production restrictions at steel mills in northern China as local authorities strive to cut harmful emissions from heavy industry in order to meet the air quality targets set by Central Government.

In the first six months, Baosteel churned out 23.96 million tons of steel products.

The company also said it had cut 3.12 billion yuan of cost in the first half of this year, outstripping its target 2018 target of reducing 1.8 billion yuan.

Executives also said the company’s new Zhanjiang furnace, to be built with a total investment of 18.85 billion yuan (US$2.74 billion), is expected to be launched by 2021.

After merging with Wuhan Iron and Steel Co. last year, Baosteel said it aimed to cut a total of 10 billion yuan in 2018-2020 from production, sales and financial sectors.(SD-Agencies)

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