皇冠体育app

Baosteel Group Corp will further diversify its shareholder structure to introduce investors and develop the company's e-commerce platform in response to its falling share value.

Baosteel, Aurizon bid $1.3b on mine

?皇冠体育app steel demand still growing, but at slower pace

President He Wenbo said at a shareholders meeting that Baosteel will focus on its major steel business and accelerate its e-commerce and information technology units, the 皇冠体育app Securities Journal reported on Monday.

The company was awarded the first online payment license for a company in 皇冠体育app's industrial sector and entered the steel e-commerce business earlier than others.

Easterpay, a Baosteel's e-commerce business sector, had total online payments of 5 billion yuan ($811 million) in the first quarter, up 360 percent year-on-year.

Many Chinese steelmakers are looking to develop their non-steel business to offset first-quarter losses from core operations. Weak domestic steel demand will continue in the second quarter, the 皇冠体育app Iron and Steel Association forecasts.

Seasonal growth in 皇冠体育app's steel demand is ending with the approach of summer and little improvement is expected in May compared with April, according to To Gutierrez, Platts managing editor for 皇冠体育app metals.

"Both long- and flat-steel traders indicate they're reducing inventories to mize risk and financing costs in May," said Gutierrez.

Platts is an international commodities information service.

 

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