BEIJING, Aug 27 (Reuters) - China's biggest listed steelmaker, Baoshan Iron & Steel Co, reported on Wednesday an annual increase of 7.4% in its first-half net profit, despite soft domestic demand, but warned of protectionist pressure in the months ahead.
In a filing to the Shanghai Stock Exchange, the company, known as Baosteel, said it earned about 4.88 billion yuan ($682 million) in the first half of this year, up from 4.55 billion over the corresponding 2024 period.
The steel industry battled sluggish demand in the first half, although supply contracted, Baosteel said.
"The export business will face pressure in the reminder of the year amid rising trade protectionism and anti-dumping duties in the Southeast Asia," it added.
Profitability among Chinese steel mills has improved this year because of a dramatic fall in prices of raw materials.
The price of iron ore fell 14.4%, while that of coking coal slumped 41.1% and steel slipped 13.5% from January to June, Baosteel said.
Baosteel, a subsidiary of state-owned China Baowu Steel Group, the world's largest steelmaker, produced 23.71 million metric tons of iron and 25.73 million tons of steel from January to June.
Export orders in the first six months jumped 9.4% from the year before to 3.32 million tons.
($1=7.1529 Chinese yuan)
Reporting by Amy Lv and Lewis Jackson; Editing by Clarence Fernandez
Source: Reuters