Shandong Province-based Chinese steel producer Jinan Iron and Steel Group (Jinan Steel) has announced its financial report for 2011.
Accordingly, in 2011 Jinan Steel achieved a sales revenue of RMB 38 billion ($6 billion), up 3.7 percent year on year. Meanwhile, the group's overall net profit in 2011 rose by eight percent year on year to RMB 270 million ($42.9 million).
However, the positive contribution of the non-steel businesses of Jinan Steel to the group's results outweighed the contribution of its steel business. In 2011, the non-steel business of Jinan Steel, including mining and real estate, contributed an aggregate of RMB 500 million ($79.4 million) to the group's net profit.