Shanghai Province-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has issued its financial report for 2013, stating that in the given year it achieved an operating revenue of RMB 189.688 billion ($31.1 billion), down 0.76 percent year on year, while it recorded a net profit of RMB 5.818 billion ($953.8 million), down 42.33 percent from RMB 10.386 billion in 2012.
In the report, Baosteel said the decline in its operating revenue last year was mainly due to the lower sales volume of finished steel and the drop in its selling prices.
In 2013, Baosteel sold 21.993 million mt of finished steel, achieving a gross profit of RMB 8.01 billion ($1.32 billion). Meanwhile, Baosteel completed fixed asset investments amounting to RMB 12.48 billion ($2.05 billion) in 2013, with its Zhanjiang project accounting for RMB 5.02 billion ($0.83 billion) of the total.
As for 2014, Baosteel plans to produce 21.49 million mt of pig iron, 22.07 million mt of crude steel and 21.79 million mt of finished steel, and is targeting an operating revenue of RMB 195 billion ($31.97 billion).
