Baotou Steel Union Profit Up 66.22 Pct

BEIJING, Feb. 29 (Xinhua) -- Inner Mongolia Baotou Steel Union Co. Ltd, a listed subsidiary of steel giant Baogang Group, said Wednesday its net profits in 2011 surged 66.22 percent to 496 million yuan (78.83 million U.S. dollars).

The company's revenues hit 42.82 billion yuan in 2011, an increase of 6.8 percent year-on-year, according to a statement filed to the Shanghai Stock Exchange.

Earnings per share stood at 0.08 yuan, the statement said.

The company produced 9.76 million tons of iron and 10.21 million tons of steel last year, with investments in fixed assets totaling 4.55 billion yuan, according to the statement.

Boosted by the news, the company's shares rose 1.15 percent in the morning session to 5.29 yuan at midday.