Steel maker's profits rise

Baosteel, the listed arm of China's top steel maker, and the fifth largest steel maker in the world, made a net profit of Yn4.27bn in 2002, 67 per cent more than in 2001. The improvement was helped by a strong fourth quarter, when the company had net earnings of Yn1.63bn, against Yn347m in the same period of 2001. However, company officials were cautious about future prospects and forecast that profits would increase by only 10 per cent in 2003.