It was reported that Baosteel Co., Ltd. expected its net profit will grow by 1% to 6% in 2020 compared to the previous year, which was about RMB 100 million to 700 million.

The result was due to Baosteel’s performance beyond expectations in its works on COVID-19 epidemic prevention and control, as well as operations in 2020, with high capabilities to resist risks.

In addition, Baosteel quickly responded to the steel market of surging raw materials prices and fluctuating demand through multi-manufacturing base operations, which led to a rebound in its operating performance and profitability.