Baosteel joins Saudi project: Cathay Haitong sets RMB 7.40 target for Baosteel stock

Published on 10/20/2026 at 02:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

A Saudi steel complex is planned for 1.5 million tonnes a year. For Baosteel stock, first-half revenue was RMB 160.731 billion, up 6.18 percent.

Saudi project and earnings date

Baosteel joined a Saudi steel project planned for 1.5 million tonnes annually on October 19, 2026.
Cathay Haitong reported RMB 160.731 billion in first-half revenue on September 24, 2026.
Baoshan Iron & Steel is scheduled to release results on October 28, 2026.

Baosteel, CNE0000015R4, Illustration mit AI erstellt.

Baosteel joined a Saudi steel project planned for annual capacity of up to 1.5 million tonnes, while Cathay Haitong set a RMB 7.40 target for Baosteel stock. Gulf Construction reported the Saudi project on October 19, 2026, and Futu carried the analyst report dated September 24, 2026.

Three dated signals for Baosteel

On September 24, 2026, Cathay Haitong maintained an Add rating and assigned a RMB 7.40 target. The report put first-half 2026 revenue at RMB 160.731 billion, up 6.18 percent year over year, while net profit attributable to shareholders fell 6.3 percent to RMB 4.571 billion.

On October 10, 2026, Baosteel's notice for November domestic sheet and plate prices kept the base prices unchanged across the listed product categories. Shanghai Metals Market published the notice and identified Baoshan Iron & Steel's marketing center as the issuer.

On October 19, 2026, the Saudi project became the latest dated development. The planned facility would use direct reduced iron and an electric arc furnace, with potential carbon dioxide reductions of up to 60 percent compared with a traditional blast furnace.

What does the earnings mix show?

The first-half figures point to a volume and margin tension that investors will likely weigh against the overseas expansion. Steel sales reached 25.68 million tonnes, up 1.46 percent year over year, but reported net profit declined 6.3 percent. That combination makes the project strategically notable while leaving near-term profitability tied to demand, costs and product pricing.

Next date is October 28

Baoshan Iron & Steel's next earnings release is listed for October 28, 2026. Investing.com also lists the Shanghai Stock Exchange listing, a 52-week range of CNY 5.30 to CNY 7.83 and market capitalization of CNY 132.65 billion as of October 19, 2026.

Shanghai listing sets the market frame

Baosteel last traded at CNY 6.10 on the Shanghai Stock Exchange on October 19, 2026 at 3:00 p.m. CST. The upcoming earnings date offers the next scheduled test of whether revenue growth can translate into stronger earnings.