Caixin
Jan 12, 2022 07:39 PM
BUSINESS

Steel Giant Benxi Turns First Profit in a Decade After Restructuring, Exec Says

Steel products sit at a Benxi Steel workshop in Benxi, Northeast China’s Liaoning province, in May 2018. Photo: VCG
Steel products sit at a Benxi Steel workshop in Benxi, Northeast China’s Liaoning province, in May 2018. Photo: VCG

Benxi Steel Group Corp., one of China’s top 10 steelmakers, is expected to post an annual net profit “for the first time in a decade,” said a top executive, after it was taken over by another state-owned steel giant last year.

The world’s largest steel producing nation has been pushing the sector to consolidate to cut overcapacity and compete with global behemoths. The campaign is also being driven by local governments that want to unload responsibility for overseeing inefficient local steelmakers.

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