Loading…
China's largest listed steelmaker, producing flat and specialty steel for autos, appliances and construction.
China's largest listed steelmaker, producing flat and specialty steel for autos, appliances and construction.
Sells flat steel mainly to manufacturers such as carmakers and appliance and machinery makers, in contracts whose prices are reset periodically, in step with iron ore and coal costs, so profit depends on the spread more than the steel price. It is part of China Baowu, the state-owned group built by merging Baosteel and Wuhan Iron & Steel in 2016.
In one line: China's US Steel/Nucor, at much larger scale.
Moat: narrow (scale, cost advantage). Part of China Baowu, the world's largest steel group, giving raw-material and scale cost advantages.
Headquarters: Shanghai, China · Founded: 1978 · Employees: 46,135
Size Baoshan Iron & Steel (600019.SS) is a China Materials company (Steel) with a market value of $19.9B, the 112th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.11 on 6 Nov 2026.
Performance Over six months the shares fell 3.2%, against -3.0% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 6.1% over the last twelve months (peer median +9.8%); the operating margin is 2.7% (peer median 8.9%).
Valuation It trades at 14.4× forward earnings against a peer median of 12.3× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥331B | CN¥317B | CN¥322B | CN¥344B | CN¥369B |
| Revenue growth | — | -1% | -7% | -7% | — |
| Gross profit | CN¥34.4B | CN¥21.7B | CN¥16.2B | CN¥20.2B | CN¥20.7B |
| EBITDA | n/a | CN¥31.3B | CN¥26.3B | CN¥30.6B | CN¥30.4B |
| Net income | CN¥9.12B | CN¥10.3B | CN¥7.32B | CN¥11.8B | CN¥12.0B |
| Free cash flow | CN¥7.23B | CN¥17.1B | CN¥10.7B | CN¥6.80B | CN¥25.0B |
| Capital expenditure | CN¥18.5B | CN¥18.5B | CN¥19.3B | CN¥21.0B | CN¥22.4B |
| Total debt | CN¥43.2B | CN¥50.3B | CN¥59.5B | CN¥60.2B | CN¥91.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Baoshan Iron & Steel 600019.SS | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% |
| Inner Mongolia Baotou Steel Union 600010.SS | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% |
| POSCO 005490.KS | $14.4B | -42% | +4% | 3% | 11.2× | n/a |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600019.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | -2.5% | 6th highest of 21 |
| 6-month return | -3.2% | -3.0% | 11th highest of 21 |
| Distance from 52-week high | -22.0% | -18.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +6.1% | +9.8% | 10th lowest of 21 |
| Operating margin | 2.7% | 8.9% | 3rd lowest of 21 |
| Forward P/E | 14.4× | 12.3× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -9.6% | 8.9% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +2.4% | +9.1% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | -12.0 pp | -1.5 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | +1.6 pp | -2.2 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |