Fitch affirms Baosteel

Fitch Ratings said it affirmed Baoshan Iron & Steel Co., Ltd. (Baosteel)'s long-term foreign-currency issuer default rating at BBB+ and short-term foreign-currency issuer default rating at F2.

The outlook remains stable.

The ratings reflect Baosteel's leading position as the largest steel manufacturer in China and the fifth largest in the world, as well as its strong business profile which includes a focus on high-end flat steel products and market dominance, Fitch said.

The company's competitive cost position also has ensured its profitability through business cycles, the agency said.

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