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Updated Tuesday, August 31, 2010 12:22 am TWN, AFP

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China's Baosteel shares gain after first-half net profit soars 12 times

SHANGHAI -- Shares in China's Baoshan Iron and Steel Co. jumped in early trade Monday after the company said its first-half net profit was more than 12 times higher than the year before due to strong demand.

The listed unit of Shanghai Baosteel Group, the nation's second-largest steel maker in terms of output, rose three percent to 6.51 yuan, up from Friday's close of 6.32 yuan, outperforming a 1.3 percent overall market gain.

The company on Friday posted first-half net profit of 8.05 billion yuan (US$1.2 billion), compared with the 669.02 million yuan it earned in the first half of 2009.

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