Largest smelter sees big profits

Prices are up due to rising demand and input costs as well as steel supply shortage

Baosteel Group, the largest steel smelter in China by output, has predicted yearly profit growth of six to eight fold this year.

The company registered 8.1 billion yuan ($1.2 billion) of profits in the first three quarters, up 174.6 percent from the same period last year, according to its profit statement released on Monday.