Chen Ying, vice president of Shanghai-based Chinese steel producer Baosteel stated on May 5 that the company's net profit for the first six months of 2010 is expected to rise by between 600 percent and 1,000 percent when compared with the net profit of RMB 669 million ($98 million) recorded for the corresponding period of last year.
According to Baosteel's Q1 financial report, in the first quarter of 2010 Baosteel posted a net profit of RMB 3.93 billion ($576 million), compared with a net profit of RMB 90 million ($13 million) in the first quarter of 2009.