August 28, 2018 / 2:16 AM / a month ago

China's Baosteel to reduce exports to the U.S. in second half: executive

BEIJING (Reuters) - China’s Baoshan Iron & Steel Co Ltd expects to reduce exports to the United States in the second half this year but will keep total exports stable, a company executive said in at an investor briefing on Tuesday.

A woman is reflected on a wall with a company logo of Baosteel Group at an office in Shanghai, July 24, 2011. REUTERS/Stringer/File Photo

Known as Baosteel, China’s biggest listed steel producer warned about the risks of trade protectionism in its first-half earnings statement issued on Monday.

The company exported 3.84 million tonnes of steel products in 2017, with 10.1 percent selling into America.

Executives also said the company’s new Zhanjiang furnace, to be built with a total investment of 18.85 billion yuan ($2.74 billion), is expected to be launched by 2021.

Reporting by Muyu Xu and Josephine Mason; editing by Richard Pullin

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