On April 23, Zhejiang Province-based Chinese steelmaker Ningbo Iron and Steel Co., a subsidiary of Chinese steel giant Baosteel, announced that in the first quarter of the current year its gross profit amounted to RMB 232 million ($37.3 million), compared to the gross loss of RMB 670 million ($107.7 million) recorded in the same period of 2012.
Furthermore, Ningbo Steel's average daily blast furnace output volume rose to 6,280 mt in the first quarter this year, up 100 mt compared to the average for the first nine months of 2012.