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Baosteel suspends factory to cut losses
By Richard Fu |
September 27, 2012, Thursday
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Online Edition
Online Edition
BAOSHAN Iron & Steel Co (Baosteel) said it has suspended production at its plant in Luojing, north Shanghai, to avoid further losses as demand dwindles.
This is a fresh sign of the intense pressure on China's steel industry which is struggling with slowing demand.
Shanghai-based Baosteel is China's largest listed steel maker.
The Luojing plant produces steel plates for shipbuilding and construction. The company decided to halt production to stem operating losses, Baosteel said in a filing to the Shanghai Stock Exchange today.
It didn't say how much production capacity has been cut or when production will resume.
Baosteel shares fell 0.7 percent in morning trading today but returned to positive territory in the afternoon.
This is a fresh sign of the intense pressure on China's steel industry which is struggling with slowing demand.
Shanghai-based Baosteel is China's largest listed steel maker.
The Luojing plant produces steel plates for shipbuilding and construction. The company decided to halt production to stem operating losses, Baosteel said in a filing to the Shanghai Stock Exchange today.
It didn't say how much production capacity has been cut or when production will resume.
Baosteel shares fell 0.7 percent in morning trading today but returned to positive territory in the afternoon.
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