Baosteel, a subsidiary of the state-owned China Baowu Steel Group, said its profit reached 5.36 billion yuan in the first quarter of this year, an increase of 2.4 times over the same period last year. Revenue rose 39% year-on-year to 83.6 billion yuan, while basic earnings per share were 0.24 yuan.
Steel prices in China hit a ten-year high this year, after a historic high in 2008.
Although China has been facing overcapacity problems for years, steel demand in China has rebounded since October last year.
According to market participants, the current sharp rise in steel prices in China will continue to boost the profitability of the steel industry this year.
Baosteel's profit grows significantly in the first quarter
There are no comments yet.