China's largest steelmaker, Baoshan Iron & Steel (Baosteel), produced 13.3 million tons of steel and 12.56 million tons of pig iron in the third quarter of 2024, according to a report on the Shanghai Stock Exchange. For the first nine months of the year, Baosteel's total steel production reached 39.61 million tons, while pig iron output was 36.68 million tons. Despite these figures, the company reported a nearly 65% year-on-year decline in net profit for Q3, amounting to RMB 1.34 billion ($188 million), attributed to falling steel prices. Baosteel aims to increase its steel exports to 10 million tons annually by 2028.