Baoshan Iron and Steel Co, or Baosteel, saw net profits of 3.93 billion yuan in the first quarter of this year, 43 times higher than the same period last year, the Shanghai Securities News reported Friday.
The Shanghai listed steelmaker earned business revenue of 44.34 billion yuan in the first three months of this year, up 37.1 percent year-on-year. Earnings per share stood at 0.22 yuan, better than previous market expectations.
Baosteel produced 5.76 million tons of iron and 6.58 million tons of steel in the first quarter, up 22 percent and 28.4 percent from last year, respectively.
