Baoshan Iron & Steel Co. (Baosteel) is in discussions with several potential partners to explore new steel investment opportunities, with a particular focus on Asia, the Middle East, and North Africa.
In a statement published on its WeChat account during the announcement of its first-half results, attended by Chairman Zou Jixin and senior executives, the company said it is “seriously considering” overseas expansion to strengthen its global presence.
As part of its strategy to boost international competitiveness, Baosteel has already invested in a steel plate production project in Saudi Arabia, targeting an annual capacity of 2.5 million tons with an initial budget of around USD 4 billion.
The company emphasized that “establishing regional or fully integrated production lines abroad has become an inevitable step” in light of its deepening international expansion strategy and the ongoing shifts in the global steel industry.
This expansion drive also comes as China faces anti-dumping tariffs from multiple countries seeking to counter cheaper Chinese exports, while domestic demand remains under pressure due to the prolonged real estate crisis.
Despite these headwinds, Baosteel reported a 7% increase in net profit for the first half of the year, a positive sign amid oversupply and growing uncertainty over future steel demand in the Chinese market.