BAOSHAN Iron and Steel Co said its first-quarter profit jumped 44-fold from a year ago due to increasing demands and higher steel prices but analysts said the growth will slow due to higher iron ore prices.

Baoshan reported the profit in the first three months amounted to 3.93 billion yuan (US$576 million), compared with 89 million yuan a year ago. Revenue jumped 37 percent to 12 billion yuan.

He Wenbo, chairman of the company, estimated that first-half profit may rise by between six-fold to 10-fold year on year. Net income was 669 million yuan in the first half of last year.