Chinese steel giant Baoshan Iron & Steel Co returned to profit in the fourth quarter as the nation’s stimulus package revived demand from makers of automobiles and appliances.

 
Its net income was CNY 2.11 billion in the three months ended December 31st 2009 as compared with a loss of CNY 6.03 billion a year ago.

 
China International Capital Corp said on March 10 that Baoshan Steel, may post at least a 20 fold profit gain for its first quarter as its order books are full.

 
Baoshan Steel set a sales target of CNY 170 billion for this year as it aims to produce 26.4 million tonnes of crude steel, up from 23.9 million tonnes in 2009.