Overview Key strengths Key risks Leading steel maker in China with a strong presence in high-end steel products. Exposure to the cyclical steel industry. Financial leverage to remain minimal as industry headwinds persist. Limited overseas presence. Above-average profitability due to product offerings and competitive cost structure. Core subsidiary of central government-owned China Baowu Steel Group Corp. Ltd. (Baowu). We believe Baoshan Iron&Steel Co. Ltd. (Baoshan) will continue to benefit from its large operating scale and advanced technology. The company will continue to grow its scale and strengthen its competitive advantage by consolidating premium flat product lines from its parent Baowu. Its total crude steel capacity stood at around 51 million tons per annum (mtpa), making the company one
