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2017 Annual Results Presentation Baoshan Iron and Steel Co

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2017 Annual Results Presentation Baoshan Iron and Steel Co Baoshan Iron and Steel Co., Ltd 2017 Annual Results Presentation 2018.4 Disclaimer The following presentation distributed herewith includes forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that Baoshan Iron & Steel Co.,Ltd.(Baosteel) expects or anticipates will or may occur in the future are forward-looking statements. Baosteel’s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to price fluctuations, actual demand, exchange rate fluctuations, competition and other risks and factors beyond our control. 01 Overview 2017 Successful Completion of 2017 Operation Objectives Financial results No.1 in China Cost saving over Bao-Wu synergy over Zhanjiang plant Employee efficiency to Per ton profit: Top 3 globally Rmb6bn Rmb1bn turned profitable improve over 6% China No.1 Cost saving Synergies Net profit Employee efficiency Per ton profit global No.2 Rmb6.1bn Rmb1.36bn Rmb2.31bn Up by 8.8% (among steel mills >=20mtpa) Operating Performance Hit Record High Steel sales volume Net profit 1 4 46.17mt, +21.5% YoY Rmb19.17bn, + 111.2% YoY Revenues ROE 2 5 Rmb289.1bn, +17.4% YoY 12.2%, +6.0ppts YoY Pretax profit EPS 3 6 Rmb24.04bn, +102.2% YoY Rmb0.86/sh, +109.8% YoY Operating Performance Hit Record High Gross margin 7 14.1%, +2.7ppts YoY EBITDA 8 Rmb46.02bn, +38.1% YoY OCF(excl. finance company） 9 Rmb34.62bn, +41.6% YoY Total liabilities to total assets 10 50.2%, -5.2ppts YoY Remarkable Capital Market Recognition Highest credit rating Index constitute stock Awards and honors in steel industry • BBB+ by S&P • Inclusion in “SSE 50 Index” • Awards of China Business • Baa1 by Moody’s in Dec 2017 again Top 100 • A by Fitch • Inclusion in “FTSE China A50 • Gold Round Table Award - Index” in June 2017 Best Board of Directors Bao-Wu Integration & Synergy Rmb85m, finance Rmb m, Rmb198m, 486 materials & marketing equipment procurement Synergies Wugang 2017 pretax profit Rmb1.36bn Rmb263m, Rmb1.5bn R&D Rmb323m, raw material purchase Cost Reduction Rmb6.1bn Cost reduction at all levels (Compared to 2015) Performance mechanism Decomposition of cost cutting task, Employee benefits are linked with cost established a mechanism to proceed Others, reduction targets, staffs who within different layers, achieved cost Operating Rmb280m performed exceptionally in cost reduction alongside the entire system expense, reduction contribution are incentivized Rmb750m through compensation scheme. Procurement optimization, Manufacturing Rmb670m overhead, Cost reduction running ahead Rmb4.41bn Everyone’s responsibility Cost reduction running ahead of To reward outstanding employees and industry average in 2017, industry unit to stimulate creative cost cutting steel COGS spiked 29% in 2017 vs. measures. 2015, whilst Baosteel managed to only increase by 9%。 Technology Leadership Four anchor products as global debut: Corrosion • 4 achievements awarded the 1st for progress resistant martensitic stainless steel composite plate; in metallurgical science and technology; low-noise oriented silicon steel; ultra-low iron loss • 12 achievements were awarded 2nd and 3rd oriented silicon steel, super high-strength alloyed prize for progress in metallurgical science and hot-dipped galvanized automobile plate technology; • 2 achievements won the Shanghai Science and Technology Progress Award 2nd and 3rd 2017 prize. Two silicon steel products B23R075、B30R090 CRC Auto sheet domestic market share over 60%。 successfully applied in large scale power transformers Exceptional Customer Service GM Wuling Promoted the Smart Supply Chain projects FAW-Volkswagen Haier with Great Wall Motors and Dongfeng Nissan to achieve the lean operation of the ChangAn Ford Jiangxi Isuzu supply chain. Continuously carry out sales person technical service qualification certification Siemens and continue to promote EVI service projects. Embraco JAC Shaanxi Heavy Truck Awarded multiple recognition from Jiangling downstream customers Smart Manufacturing In 2017, 62 intelligent equipment The pilot project of the 1580 smart workshop at Baoshan Base completed projects, 7 smart factory projects, 4 construction; smart connected projects, and 4 IT The cold-rolled C608/C708 facilities was infrastructure reform projects were again qualified as a role model for launched. intelligent manufacturing from MIIT. The upgrade of 37 unmanned bridge Added 116 sets of robots to a total of cranes has been completed, and 398 sets and applied to “3D” another 40 cranes are in progress. (dangerous, dirty, duplicate) jobs. Green City Steel Plants Elected as "China Pioneer Enterprise" for 2 The company's plant roof photovoltaic power consecutive years by the United Nations generation project was nominated by the World Global Compact for achieving the Sustainable Steel Association's “Sustainable Development Excellence Award”, and the annual power Development Goals (SDGs). generation capacity could reach more than 70mn kwh, equivalent to 24kt of standard coal saving and reducing carbon dioxide emissions by 60kt. “2017 Green Enterprise Management Award” Promoted the implementation of plant issued by the China Environment News greening projects with an additional green Agency under the MEP. area of 300k square meters. In 2017, Baosteel's sustainable development The “Research and Application of Energy- practice was awarded the first prize of annual efficient and Environmentally Friendly management innovation from CISA. Sintering Technologies and Equipment” won the 2nd prize of National Science and Technology Progress Award 02 Out Look 2018 Demand Auto Machinery Influenced by the expiry of the The uncertainties of infra and real preferential tax policy, demand has estate may inhibit new demand for declined from the end of last year. construction machinery. New energy vehicles will likely Construction machinery in 2017 continue to maintain rapid growth. benefited from the stock update. The previous cycle was 7 years ago and Production and sales of the the stock update will continue this automotive industry will likely year. increase slightly on a high basis in 2018. Demand will likely grow steadily in 2018 . Infra& Property Home Appliances Transformation from high-speed to The sales of 3rd and 4th tier cities in high-quality development. 2017 will bring a wave of home improvement demand Funding could be tighter affected by strengthened financial supervision. Refrigerators and air-conditioners Infra and property growth will likely are affected by the high base in 2017 and pressure for growth this year. slow down in an orderly manner. Rental housing construction may be The appliance industry is expected to a sweet surprise remain flat or slightly increase in 2018. Supply By adding scrap at the smelting stage and using In 2018, the new capacity through high-grade ore, should partially hedge the impact of swap mainly refers to Shandong environmental production cut. Winter production Adding scrap EAF capacity addition Capacity swap Rizhao Steel, which is expected to cut from Jan~ Feb in 2018 was lower than expected usage 15.60mt 3~4mt produce about 3~4mt in 2018. and estimated to lead to increase of scrap intake by (mysteel) 4ppts. (China Everbright Securities). In 2018, the scrap consumption volume depends on the price gap between finished steel and scrap. Addition ？ Deduction ？ Conclusion： • Environmental curtailment brings uncertainties to supply; Capacity cut Environmental curtailment • Through adding scrap at steelmaking stage enables 30mt elasticity from supply side; (Government work report) Currently, Hebei and Henan provinces • At current scrap prices, the profitability of EAF is not as have introduced new environmental good as that of BF; protection production restriction plans, but the policies are subject to • This part of the EAF production capacity will adjust the uncertainties. volatility of steel prices. Steel Price China benchmark steel price index (Rmb/t) Volatility （Steelhome 2017/3/27~2018/3/27) Due to the elasticity of steel supply in 2018, the output of steel SD mismatch will follow the change of demand to a certain extent. Due to the lagging effect, short-term mismatch between supply and demand may lead to fluctuations in spot steel prices, and steel l traders can act as an amplifier. Steady decline 2018 steel price is expected to decline steadily vs. 2017. Normalization of Long/Flat margin Expecting the situation of "long steel price stronger than flat steel " will be eased in 2018. Raw Materials Iron ore: In 2018, seaborne iron ore is expected to increase by Coal: Price may fluctuate at the current high level with price 40mt, and the overall supply will still be larger than demand. divergence seen for differing coal qualities. High-quality coal with low-sulfur and low-ash resources will be tight hence prices can be Under the constant friction in international trade, the domestic firm; while coal with high-ash and high-sulfur are sufficient hence supply side reform, environmental curtailment and the pressure price could fall of high inventory at the port, the iron ore market will likely Coke: Coke price fluctuates alongside steel price volatilities; at remain weak. the same time, due to impact of the environmental curtailment and coking coal prices, coke prices should generally fluctuate within a certain profit-making range. 03 Action 2018 2018 Objectives Financial results: No.1 in China EBITDA per ton:
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