SteelOrbis Shanghai
According to the first quarterly report published by Baosteel on April 28, the company achieved a net profit of RMB 4.259 billion ($609 million) during the period in question, up 15.88 percent year on year.
Meanwhile, Baotou Steel's Q1 report shows that its net profit from January to March totaled RMB 515 million ($74 million), up 159.89 percent year on year, mainly due to increased production and sales as well as soaring steel prices.
Tangshan Steel registered a net profit of RMB 730 million ($104 million) in the first quarter of 2008, up 57.05 percent year on year. The operation of its new projects and the adjustment of the income tax rate are the major factors that have contributed to the company's performance.
Valin Steel Tube & Wire has released a net loss for Q1 of RMB 263 million ($38 million), down 196.6 percent year on year. The reason for the loss was the significant impact that the snow disaster at the beginning of 2008 had on the company's revenues. It was not until late February that the company managed to resume normal production.
Panzhihua Steel's net profit reached RMB 171.057 million ($24 million) in the first quarter, down 11.69 percent year on year.