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Baosteel Q1 net profit jumps on firm sales, lower costs

ABSTRACT

Baoshan Iron & Steel Co (Baosteel), the Shanghai-listed arm of China Baowu Steel Group, saw its net profits for Q1 skyrocket 247.8% on year to Yuan 5.4 billion ($832.1 million), reflecting overall strengthening steel demand and lower costs, according to the company’s latest quarterly report on April 27.
Over January-March, Baosteel produced 11.2 million tonnes of pig iron, as against the 11.1 million tonnes in Q1 last year, while production of crude steel also increased to 12.9 million tonnes, from 11.8 million tonnes during the same quarter last year, Mysteel Global noted from the reports. Also contributing to the

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