On April 28th, Baosteel issued the first quarterly report of 2018. In the first quarter of this year, Baosteel Co., Ltd. performed well. Through a series of measures such as stabilizing the manufacturing process, continuing cost reducing, and deepening reforms, the total profit in the first quarter was 6.92 billion yuan, a year-on-year increase of 37%, which was the best single-season profit in the corresponding period since it was listed and Top 3 performance in the history of the single-quarter profit.
In the first quarter of this year, the overall steel market demand was weak. The domestic steel CSPI index fell 3.1% month-on-month, 62% of iron ore Platts increased 13.5% month-on-month, and the space of differential between purchase and sale prices for iron and steel companies was narrowed month-on-month. Baosteel Co., Ltd. fully stabilized the manufacturing process and continuously solidified the cost reform measures, giving full play to the synergy effect of Baowu. The company's operating performance in the first quarter reached expectations. During the reporting period, the company completed a total of 11.359 million tons of iron production, steel production of 11.893 million tons, goods sales of billet of 10.926 million tons, and total consolidated profits of 6.92 billion yuan, an increase of 37%.
In 2018, Baosteel’s cost reduction started well. The company's new three-year cost-reduction plan is be finalized. It will set a cost reduction plan of RMB 10 billion by 2018-2020 (definite proportion 2017) and achieve a seamless connection between the two rounds of cost reduction planning. The first quarter cost reduction exceeded the annual target time schedule. At the same time, Baosteel has vigorously promoted smart manufacturing. The first large-scale blast furnace control center in the world was completed and operated. It successfully achieved centralized operation control and production management for the four blast furnaces at Baoshan base, and provided remote technical support for other base blast furnaces; Two spans of the entire uninhabited new mudflat warehouse phase one (four-span) were put into use in advance; the unmanned crane and the crane automatic rate of driving operations steadily increased. In 2018, Baosteel continued to comprehensively deepen reforms. The "new seven" measures to deepen reform were introduced, and the "new seven" highlighted innovation and leading, development and incentives, and integration to fully support the company's industry leader position. Baosteel continues to promote environmental management. In the first quarter of this year, the world's first sintering flue gas dry synergy ultra-clean equipment passed the early stage operation assessment in Meishan Iron & Steel No. 3 Sintering Machine and entered the formal operation stage.
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