BEIJING (Reuters) - China’s largest steel listed producer Baoshan Iron and Steel Co Ltd (600019.SS), known as Baosteel, reported a 65 percent surge in net profit in the first half of the year thanks to soaring prices and better-than-expected summer demand.
The company posted a net profit of 6.2 billion yuan ($930.86 million) for the six months, up from 3.68 billion yuan in the same period last year.
That is the best six-month profit since at least the second half of 2012. Its revenue rose 106.6 percent to 169.93 yuan from a year earlier.
Reporting by Muyu Xu and Josephine Mason; Editing by Keith Weir