On January 10, Chinese steel giant Baoshan Iron and Steel Co., Ltd. (Baosteel Group) posted a net profit of RMB 12.8 billion ($1.9 billion) for 2010, surging 120 percent compared to the figure for 2009. Meanwhile, Baosteel's operating revenue in 2010 saw a 36.39 percent year-on-year increase to RMB 202.426 billion ($30.6 billion).
Baosteel commented that its non-steel business has contributed to the surge in its revenues, adding that the profits from its non-steel business are expected to amount to one-sixth of its total profits in 2010.