Rising sales boost Wuhan Iron and Steel

SHANGHAI - Boosted by rising sales and prices, Wuhan Iron and Steel Co Ltd, China's third-largest steel maker by production, registered net profit growth of 12.46 percent year-on-year to 1.7 billion yuan ($260 million) in 2010. Meanwhile, net profit rose 111 percent to 608 million yuan in the first quarter of 2011.

Although the rising cost of raw materials may erode the company's performance in 2011, its strength in the production of silicon steel will guarantee a solid performance this year, analysts said on Monday.

The company, which is listed on the Shanghai Stock Exchange, reported on Sunday that revenue soared 40.74 percent to 75.6 billion yuan in the 2010 fiscal year.