China's Baosteel, a subsidiary of China Baowu Steel Group, has announced its ambitious plan to increase steel exports to 10 million tons annually by 2028. This announcement was made during the company's interim results presentation, where it reported record exports of 3.04 million tons in the first half of 2024, marking a significant 46.6% year-on-year increase, culminating in a total of approximately 5.84 million tons for 2023.

To achieve its export goals, Baosteel aims to strengthen its market presence in South and Southeast Asia while exploring opportunities in the Middle East, Latin America, and Africa. The company also plans to maintain its established foothold in Europe and the Americas.

For 2024, Baosteel targets total steel sales of 52.2 million tons, though it anticipates challenges in domestic demand for hot-rolled steel due to ongoing issues in the real estate and automotive sectors. However, a potential recovery is expected in the fourth quarter, driven by improvements in construction activity.

Additionally, Baosteel has committed to increasing its investment in a joint venture in Saudi Arabia to bolster flat steel production, raising the investment from $437.5 million to $1 billion.