Jiangsu Province-based Chinese steel producer Jiangsu Shagang Co., Ltd (Jiangsu Shagang), a subsidiary of Chinese steelmaker Shagang Group, has announced in its quarterly report that it registered an operating revenue of RMB 1.429 billion ($0.22 billion) for the first quarter of the current year, down 20.85 percent year on year, with a net profit of RMB 4.0136 million ($0.62 million) compared to the net profit of RMB 1.4068 million recorded in the same period of 2015.
Jiangsu Shagang stated that the rising trend of finished steel prices, reduced expenditure and improved product structure contributed to its increased profitability in the given period.