China Economic Weeklyhas released the latest ranking of China's most profitable A-share steel companies. Baoshan Iron & Steel Co., Ltd., also known as Baosteel, is the biggest winner, with a net profit of 10.43 billion yuan (US$1.7 billion).

The Chinese steel industry was entering a long period of adjustment, based on the 2012 annual reports of China's public companies. Overcapacity had created problems for the domestic steel enterprises. It is now hard for the steel industry to achieve high growth.

In 2011, Baosteel was the only steel company on the list of the 100 most profitable A-share public companies in China. Due to its outstanding performance, the company is now 26th compared to 34th in the previous year. However, the other top 10 steel companies were not so lucky and faced decreasing profits.

Wuhan Iron & Steel Co., Ltd., Bengang Steel Plates Co., Ltd, and Xining Special Steel Co., Ltd., which were on the list in 2011, were no longer part of the top 10.

The following are China's top 10 most profitable A-share steel companies in 2012.

 Zhejiang Jiuli Hi-tech Metals Co., Ltd.（久立特材）

Zhejiang Jiuli Hi-tech Metals Co., Ltd. [biz.zjol.com.cn]

Stock code: 002318.SZ

Net profit: 161 million yuan (US$26.22 million)

Time of listing: Dec. 11, 2009

Headquarters: Huzhou, Zhejiang Province