Wuhan Iron and Steel Co reported a net profit of RMB608M ($93.5M) for the first quarter of the year, 111.14% higher than the same period a year earlier.

The company has unveiled plans to issue a series of debt-based financial instruments with a total principal value of RMB12bn ($1.84bn).

These instruments include short- and mid-term financial papers and corporate bonds, with the proceedings used to boost the company’s financial structure,

Financial data also indicates that the weighted average return on net assets of the company reached 2.133%, 1.083 percentage points more than it was a year earlier.