China Baowu Steel Group (Baowu), the largest steel manufacturer in the world, produced 130.77 million tons of crude steel in 2023, falling by 0.8% compared to the previous year.

In 2023, Baowu’s operating income totaled CNY 1.103 trillion, a year-on-year decrease of 4.9%. The profits reached CNY 31.61 billion, up by 1.1% year on year.

Hu Wangming, the chairman of Baowu, said that the company’s operating performance dropped significantly in the first half of last year, but operation strategies were then timely adjusted in the second half, so the unfavorable situation was successfully reversed and the operating performance in the second half of 2023 was greatly improved.