Baosteel reports solid profit in Q1
Baoshan Iron and Steel Co Ltd (Baosteel), the nation's largest listed steelmaker reported a healthy profit in the first quarter, while Anyang Iron and Steel Group Co Ltd and Beijing Shougang Steel Co Ltd continue to post losses. However, Shandong Iron and Steel Co Ltd succeeded in reversing its deficit.
Shanghai-based Baosteel generated 1.63 billion yuan ($264 million) in net profit for the first quarter, surging 33.3 percent year-on-year. The steelmaker's net income surged 41.1 percent year-on-year to 10.39 billion yuan,
Anyang Iron and Steel lost 392 million yuan in the first quarter, and Beijing Shougang Steel posted a loss of 160 million yuan. The two steel mills reported deficits of 3.5 billion yuan and 360 million yuan in 2012 respectively.
Shandong Iron and Steel, who reported a net loss of 3.8 billion yuan for 2012 turned out a 2.59 million yuan net profit in the first three months this year.
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