Standard Stewardship Rating Remains for Baosteel Following the Resignation of its Chairman
Baosteel's third quarter was largely in line with our expectations, with operating profit increasing 29% to CNY 7.8 billion from CNY 6.1 billion in the same period last year on strong performance at the steel division, as it continues to benefit from cost-cutting measures and the synergies from its merger with Wuhan Iron and Steel. However, third-quarter net income growth lagged, increasing only 4% year over year to CNY 5.7 billion from CNY 5.5 billion. This was mainly due to lower investment in...
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