Chinese steelmakers' profits surged 247% on year in first quarter driven by strong demand, rising prices

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Chinese steelmakers posted strong growth in first-quarter profits driven by robust demand amid economic recovery and rising steel prices.

The China Iron and Steel Association said its member steelmaking firms generated a revenue of 1.54 trillion yuan in the first quarter of the year, rising 52.28 per cent from a year earlier, and their profits totaled 73.4 billion yuan, surging 247.44 per cent year over year.

The steel mills' profit margin stood at 4.76 per cent in the first three months, rising by 2.67 percentage points from the . . .

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