Baosteel's profit jumps 80% in first half

SHANGHAI: Baosteel Co Ltd, China's largest steelmaker, yesterday posted profit growth of 80 percent in the first six months of this year, aided by rising steel prices and improved production structure.

Baosteel's net profit amounted to 81.6 million yuan in the first half and the earnings per share was 0.47 yuan. The company's stock price climbed 0.1 percent to close at 17.58 yuan yesterday.

"Increasing sales of high value-added products, including car steel plate and electrical steel, contributed greatly to profit growth," said the company in its interim report. Baosteel's total revenue amounted to 94.1 billion yuan, up 28.6 percent from last year.