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Baoshan Iron & Steel Co. Ltd, the main listed subsidiary of the world’s largest steelmaker has announced that its net profit soared by nearly two and a half times in the first quarter, as rising prices for the metal continue to swell the coffers of Chinese mills.

The company also known as Baosteel, posted net gains of 5.36 billion yuan ($826 million), and the company disclosed this during its filing report to the Shanghai Stock Exchange. The figure represents a 248% rise on the equivalent period last year, which offered a low comparison base as China’s Covid-19 outbreak caused a collapse in production.

Profits were up 97% compared with the first quarter of 2019, before the pandemic began, according to a Caixin calculation based on a previous Baosteel filing report.

Baosteel attributed its latest jump in profit to a strengthening domestic economy and high prices for crude steel.

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