Baosteel sees strong increase in net profit in Q1

Shanghai-based Chinese steelmaker Baosteel has announced in its quarterly report that it has recorded an operating revenue of RMB 85.122 billion ($12.35 billion) for the first quarter of the current year, up 76.77 percent year on year, with a net profit of RMB 3.786 billion ($0.55 billion), up 142.89 percent year on year.