Baoshan Iron & Steel Co, China's largest listed steelmaker, reported a significant boost in first-quarter profits, with net earnings rising 26.4% year-on-year despite challenging market conditions.

Baosteel posted profits of 2.43 billion yuan (US$333.43 million) for the quarter, up from 1.93 billion yuan in the same period last year, according to its filing with the Shanghai Stock Exchange.

In a separate disclosure, Baosteel reported that its full-year 2024 net profit fell 38.4% to 7.36 billion yuan. The company has set production targets of 48.79 million tons of iron and 52.61 million tons of steel for 2025.