Baosteel’s net profit surges by 120 percent in 2010

According to the annual report issued by Chinese steel giant Baosteel Group, in 2010 the company's net profit surged by 120 percent to RMB 12.8 billion ($1.9 billion), while its overall revenues climbed up by 36 percent to RMB 202.4 billion ($30.7 billion), both on year-on-year basis.
 
Baosteel said that in 2010 its market shares in China for cold rolled auto sheet, steel for household appliances and non-grain-oriented silicon steel were as high as 50 percent, 37 percent and 18 percent respectively.
 
Meanwhile, in 2010, Baosteel's auto sheet sales accounted for 20 percent of its total steel product sales, while contributing over 40 percent of the company's total net profit for the year.