BEIJING, May 4 (Xinhua) -- China's major iron and steel companies saw their profits surge in the first quarter of the year, according to the China Iron and Steel Association.
In the first three months of the year, profits of the country's major iron and steel companies surged 247.44 percent year on year to 73.4 billion yuan (about 11.35 billion U.S. dollars), data from the association showed.
Sales revenues of the enterprises reached 1.54 trillion yuan, up 52.28 percent compared with a year ago, showed the data.
The sharp year-on-year growth was mainly due to a low comparison base during the same period last year, the association said. Enditem
