Baosteel s Q1 profits soar

Baosteel said the company had operating revenue of 44.34 billion yuan in the first quarter of this year, up 37.14 percent; a net profit of 3.93 billion yuan, up 4,316.65 percent; a combined profit of 5.27 billion yuan, up 5.13 billion yuan and earnings per share of 0.22 yuan, up 4,316.65 percent as well. Baosteel expects its net profits to increase by six to ten folds in the first half of this year.

In the first quarter, the company produced 5.76 million tons of pig iron, 6.58 million tons of steel and 6.27 million tons of merchant billet and steel products.