Metalnewsnet 6 May ：

China Knowledge reported that Baoshan Iron & Steel Co Ltd last week announced that its net profit for the Q1 of this year was CNY 3.93 billion, over 40 times more than the CNY 89 million it earned in the same quarter of 2009.

In a statement filed with the Shanghai Stock Exchange, the steelmaker attributed the profit surge to higher prices of steel products and rising demand amid the recovering global economy.

According to the statement in the period from January to March, Baoshan Iron & Steel revenue was CNY 44.34 billion up by 37% from CNY 32.3 billion in the same period of 2009.

As per report, early this month, Baoshan Iron & Steel said that its net profit fell 9.95%YoY to CNY 5.81 billion last year that its operating revenue totaled CNY 148.53 billion.

In 2010, the firm aims to produce 23.49 million tonnes of iron and 26.39 million tons of steel. Its operating revenue is expected to hit CNY 170 billion.

(from China Knowledge)