China's Baosteel to reduce exports to the U.S. in second half

28 August 2018

China’s Baoshan Iron & Steel Co Ltd expects to reduce exports to the United States in the second half this year but will keep total exports stable, a company executive said in at an investor briefing on Tuesday.

Known as Baosteel, China’s biggest listed steel producer warned about the risks of trade protectionism in its first-half earnings statement issued on Monday.

The company exported 3.84 million tonnes of steel products in 2017, with 10.1 percent selling into America.

Executives also said the company’s new Zhanjiang furnace, to be built with a total investment of 18.85 billion yuan ($2.74 billion), is expected to be launched by 2021.