Baoshan Iron & Steel Co., Ltd.

Overview

trading name	Baosteel
type	Public
traded as	sse: 600019 CSI A50
isin	isin: CNE0000015R4
industry	Metallurgy
founded	February 3, 2000‡R1R‡
founder	Baosteel Group
hq location city	Shanghai
hq location country	China
num employees	52,323
num employees year	2019
products	Steel
revenue	CN¥292 billion
revenue year	2019
net income	CN¥12 billion
net income year	2019
assets	CN¥340 billion
assets year	2019
equity	CN¥178 billion
equity year	2019
footnotes	in consolidated financial statements; excluding minority interest from equity and profit figures‡R2R‡

Baoshan Iron & Steel Co., Ltd., also known as Baoshan Iron & Steel and Baosteel, is a maker of steel based in Shanghai, China, and a subsidiary of state-owned China Baowu Steel Group (formerly Baosteel Group). It is listed on the Shanghai Stock Exchange.

History

In 2000, the Baosteel Group split, creating the new Baoshan Iron & Steel Co., Ltd.,[1] which is listed on the Shanghai Stock Exchange since 12 December 2000.[3] It was the largest initial public offering in Mainland China up to that time,[4][5] raising CNY 7.7 billion despite being limited to domestic investors.[6]

Subsidiaries

Baoshan Iron & Steel owned 4 major steel plants that located in Shanghai, Nanjing (in Meishan Iron Mine), Zhanjiang and Wuhan. The latter three were incorporated as a limited companies. Baoshan Iron & Steel also owned another listed company Baosight Software (SSE:600845) as well as other subsidiaries and joint ventures.

Baosight Software

Meishan Iron & Steel

In 2004, Baoshan Iron & Steel acquired Meishan Iron & Steel Co., Ltd.[15] Despite located in Nanjing, Jiangsu Province, the steel plant was founded by Shanghai municipal government and merged with Baosteel Group in 1998.

In 2019, it was announced that the steel plant of Meishan Iron & Steel, would relocate to Yancheng, Jiangsu Province in the 2020s.[16]

Zhanjiang Iron & Steel

In October 2012, Baosteel acquired the controlling stake in Zhanjiang Iron & Steel Co., Ltd. from the State-owned Assets Supervision and Administration Commission (SASAC) of the Guangzhou Municipal People's Government.[17] After the capital increase as well as the withdrew of Guangzhou SASAC, the listed company owned 90% stake of Zhanjiang Iron & Steel.[18]

The first phase of the steel plant that owned by Zhanjiang Iron & Steel, is completed in 2016.[19]

Wuhan Iron & Steel

On 21–22 September 2016, a merger between Baosteel Group and Wuhan Iron and Steel Group (WISCO) was announced. Baoshan Iron & Steel would take over the listed counterpart from Wuhan Iron and Steel Group in an all-share deal,[20] while all the rights of Wuhan Iron and Steel Group would be transferred to Baosteel Group, as both corporations were supervised by the Central Government's SASAC.

Unlike Baosteel, WISCO has a longer history which could be traced back to 1955. It was once considered as the top 3 steel plants of China, along with Ansteel Group and Baotou Steel.[21] Before the merger, if counting both listed and unlisted portions of WISCO, it was the sixth largest steel company in China and 11th in the world as of 2015, according to World Steel Association and China Iron and Steel Association.[22]

Baoshan Iron & Steel Co., Ltd.

History

Subsidiaries

Baosight Software

Meishan Iron & Steel

Zhanjiang Iron & Steel

Wuhan Iron & Steel

Equity investments

Shareholders

Markets

External links

References