Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that in the first quarter of the current year it registered an operating revenue of RMB 20.006 billion ($3.18 billion), up 11.17 percent year on year, and a net profit of RMB 1.534 billion ($0.24 billion), surging by 398.74 percent compared to the net profit of RMB 307.56 million recorded in the first quarter last year.