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

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 . . .

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