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Baosteel interim net profit 3.468 billion

Baosteel's August 30 release reported the company in 2016 January-June operating income of 77.993 billion yuan, a year earlier to 80.771 billion yuan, down 3.44%; 1-- attributable to shareholders of listed companies net June profit of 3.468 billion yuan, a year earlier net profit of 3.174 billion yuan, an increase of 9.26%. During the reporting period, the company completed production of 12.761 million tons of iron, steel output of 13.27 million tons, 11.851 million tons of goods billet sales; to achieve a total profit of 5.02 billion yuan consolidation, increasing 620 million yuan over last year, mainly due to continued internal cost reduction, optimization of product structure and market development work.
The first half of 2016, crude China Aluzinc Steel Sheet Coil production 400 million tons, down 1.1%. Although compared with the fourth quarter of last year, the first half of the steel industry as a whole has been warmer, but no substantive improvement in the relationship between supply and demand, and price volatility increased. Industry capacity to work long way to go, the anti-dumping and trade barriers continued to affect increasingly tough steel market. Domestic steel prices in the first half profit of medium-sized members of 12.59 billion yuan, representing an increase of 427.3 percent year on year, but still amounted to a loss of 26.3%.
For industry, the grim situation, Baosteel said the second half will be more actively respond to the adverse difficulties and challenges, continued curing "cost cutting", and accelerate Zhanjiang steel from construction to management changes, to build a stable and efficient, low cost, multi-base production system. At the same time, promote the new product research and development, maintaining competitive differentiation, and strive to continue to maintain the domestic industry-leading operating performance continued to improve the comprehensive competitiveness.
Collectibles in base construction, the company said the reporting period, the BNA fourth hot dip galvanizing line fully achieved "four of" objective indicators, production, finished product rate, energy consumption, and other benefits are more than the intended target. This indicates that the unit has officially become the 1180 mass production of duplex ultra high strength steel plate for automobile production line, will make new contributions to China's auto industry lightweight energy saving; reporting period, Zhanjiang Steel steelmaking unit completed 130 varieties expand hot-rolled steel unit to expand the size 61 and successfully rolled X80 steel, cold-rolled unit to expand low carbon mild steel, low-level IF steel two types of steel. 2030 cold rolling production line project realization through the full entry into the heat load test phase.
In construction projects, the company said the Zhanjiang steel project designed to produce 8.23 million tons of hot metal, 8.928 million tons of molten steel, billet 8.749 million tons, 6.89 million tons of steel, plans in September 2016 fully completed and put into operation. Currently Zhanjiang steel project two blast system has completed equipment installation, starting to heat load test.
Core Data

Attachment: The main subsidiaries and joint stock company analysis
Shanghai Meishan Iron & Steel Co.
As of the end of June 2016, the company owns 77.0% stake in the registered capital of 7.08 billion yuan, the main operating range of ferrous metal smelting and rolling processing and sales. As of the end of June 2016, the company had total assets of 30.93 billion yuan and net assets of 9.57 billion yuan, net profit of 140 million yuan in the first half.
Baosteel Zhanjiang Iron & Steel Co., Ltd.
As of the end of June 2016, the company has 90% stake, the company registered capital of 20 billion yuan, mainly engaged in ferrous metal smelting and rolling processing and sales, the company is currently part of the project is still in the process of construction. As of the end of June 2016, the company had total assets of 57.71 billion yuan and net assets of 18.43 billion yuan, the first half net profit of -1.5 billion.
BNA Automotive Steel Sheets Co., Ltd.
As of the end of June 2016, the company has a 50% stake, the company registered capital of 3 billion yuan, mainly engaged in the production and sale of used cars, auto parts and cold-rolled steel galvanized steel sheet and engaged with said business comes with business-related. As of the end of June 2016, the company had total assets of 5.36 billion yuan and net assets of 3.54 billion yuan, net profit of 120 million yuan in the first half.
Yantai Lubao Steel Pipe Co., Ltd.
As of the end of June 2016, the company owns 100% stake in the company's registered capital of 500 million yuan, the main operating range of seamless steel pipe processing, marketing, and its main products include structural seamless steel tubes, low-pressure boiler-free seam steel pipe, transmission fluid with seamless steel tubes, hydraulic seamless tubes, high-pressure boiler seamless steel tubes, seamless steel tubes for oil equipment, geological drilling pipe, tube Shiyou Guang, oxygen canisters. As of the end of June 2016, the company had total assets of 930 million yuan and net assets of 600 million yuan, the first half net profit of -0.5 billion.
Baosteel Huangshi Coating Sheet Co., Ltd.
As of the end of June 2016, the company owns 53.83% of the shares, the company registered capital of 170 million yuan, mainly engaged in the production and sale of cold-rolled plate, aluminum plate, color-coated galvanized steel products and related. Huangshi Municipal State-owned Assets Management Co., Ltd. plans to Huangshi Coating unilateral capital increase 72 million yuan, the first phase has been completed in the first half invested 40 million yuan. After all the capital increase is completed, holders of Baosteel Huangshi Coating equity ratio of 58.45 percent from the previous capital increase is not reduced to 50.63%. As of the end of June 2016, the company had total assets of 900 million yuan and net assets of 430 million yuan, net profit of 010 million yuan in the first half.
Nantong Baosteel Iron and Steel Co., Ltd.
As of the end of June 2016, the company owns 95.8% stake, the company registered capital of 620 million yuan, mainly engaged in production and sale of rebar, round steel, steel, iron and steel semi-finished products (including steel billet, steel ingot, etc.) and other steel products and by-products. As of the end of June 2016, the company had total assets of 730 million yuan (approximately 1004 acres of industrial land owned), net assets of -14.4 billion in the first half net profit of -0.5 billion. From April 2014, Bao Steel through the implementation of economic operation; October 2015 Bao Steel entered through the disposal of assets and discontinued stage.
Yantai Steel Pipe Co., Ltd.
As of the end of June 2016, the company owns 80% stake in Yantai Lubao Steel Pipe Co., Ltd. has a 20% stake in the company's registered capital of 4 billion yuan, mainly engaged in the production, processing and marketing of steel, ancillary products and by-products ; steel rolling technology consulting services, warehousing, cargo import and export business. As of the end of June 2016, the company had total assets of 4.14 billion yuan and net assets of 12.0 billion yuan in the first half net profit of -1.9 billion.

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