Bloomberg reported that Maanshan Iron & Steel Co returned to profit in the Q1 as the nation stimulus package revived demand from builders and railway makers.

The Maanshan, Anhui province based company said in a statement to the Shanghai stock exchange, citing domestic accounting standards net income was CNY 520.6 million or CNY 0.0676 a share, in the three months ended March 31st compared with a loss CNY of 899 million or CNY 0.11 a year ago. Sales climbed to CNY 14.3 billion from CNY 11.5 billion.

According to data from the National Bureau of Statistics China USD 586 billion stimulus helped domestic steelmakers return to profit in May after seven straight months of losses. Crude steel output in the country jumped 23% in March.

(Sourced from Bloomberg)