Baosteel's Q3 net profits leap by 130% YoY

The consolidated net profits of Baoshan Iron & Steel Co., Ltd. (Baosteel), the listed arm of the world's largest steelmaker China Baowu Steel Group (Baowu), soared by 130.31% on year during this year’s July-September quarter to reach Yuan 3.081 billion ($432.4 million), according to the company's quarterly report released on October 30. The Shanghai-based firm also reported Q3 business revenues of Yuan 81.1 billion, higher by far smaller 1.83% on year.

Baosteel's third quarter results took its net profits in the first nine months of this year to Yuan 7.959 billion, higher 35.32% from the same period last year, according to the release. The company attributed the profit growth during July-September to better sales of high-end products and improved operational efficiency through