Baoshan Iron and Steel has reported a 41% surge in quarterly earnings despite plunging product prices and domestic oversupply, the Hong Kong Standard reported. Listed Baosteel posted net earnings of US$410 million in the third quarter from US$290 million a year ago. Metal prices peaked at a decade high level in March, but government efforts to rein in the overheating construction and property sectors have seen prices fall. Baosteel took over its parent company's biggest mills in April to boost output and help its bottom line.