Baoshan Iron & Steel Company commonly known as Baosteel was founded on February 3, 2000 in Shanghai, China.
Image: company website
It is a state owned Iron and Steel company and part of the Shanghai Baosteel group corporation, and one of the largest companies in China. It operates majorly in three reported segments: iron & steel manufacturing, sales of iron & steel products and other specialized businesses.
The company’s Iron and steel manufacturing segment manages all units of iron and steel production. The Sale division primarily looks after the trading of iron and steel. Other specialized segments offers finance, chemical and information services. These segments are managed through the company's subsidiaries.
In the past three years, Baosteel’s primary operations in iron and steel helped in effectively addressing the severe market challenges and staying ahead of the competitors and in the domestic industry by focusing on the areas like improvement in adjustment of product mix, industrial layout, and optimization of cost performance, innovation in technology and overall competitiveness. The company also made collaboration with its steel sector, the integrated and diversified sectors of Baosteel have continuously made the transformation from internal units to market-oriented sectors, and was able to make solid progress in their industrial development. The Company was able to initiate its strategic transformation from steel production to the materials, from manufacturing to services and from China to the world. The company has also launched the research and development of new materials such as aluminum, magnesium, titanium products and energy storage materials, which helped in optimizing deployment of the processing and distribution of service network using its technology, and begun to gradually grow into a supplier of integrated material solutions specializing in iron and steel.
In face of negative operating environment, the Company has continuously improved the effective coordination of Purchase & sale, strong customer service and technological innovation, optimized producing & marketing mode, strongly enhanced cost reduction and performance improvement, helped in facilitating development in two wing fields to make sure operating objectives of 1st quarter are accomplished up to the requirements. In the reporting period, the Company had produced 5.4 million tons of iron, 5.6 million tons of steel and 5.2 million tons of steel products, and achieved a total consolidated profit of RMB 2.2 billion.