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Baosteel expects higher output in 2016 as Zhanjiang base comes on stream

Add Time:2016-04-01 20:04:00 Clicks:
Global Times reported that China's top listed steelmaker Baoshan Iron and Steel Co, also known as Baosteel, expects its total output to rise about 20 percent in 2016, even as China moves to slash a capacity glut amid a rise in anti-dumping complaints. Baosteel produced 22.6 million tons of crude steel in 2015 and is likely to produce 27.1 million tonne is 2016

Board secretary Mr Zhu Kebing said “As a result of the completion of main production lines at the Zhanjiang project in 2016, the scale of the company's output will show an increase.”

He said Baosteel's huge Zhanjiang steel production base, with an annual capacity of about 9 million tonnes, will go into operation later this year.”

Baosteel reported an 82.5 percent year-on-year slump in 2015 net profits to 1.01 billion yuan ($156.7 million).
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