Jiangsu Province-based Chinese steel producer Nanjing Iron and Steel Co. Ltd (Nanjing Steel) has announced that in the first half of the current year it recorded an operating revenue of RMB 11.867 billion ($1.85 billion), down 10.87 percent year on year, with a net profit of RMB 34.9331 million ($5.46 million), decreasing b y 69.98 percent year on year.
In the given period, Nanjing Steel produced 4.2289 million mt of pig iron, 4.2789 million mt of crude steel and 3.9242 million mt of finished steel, indicating increases of 12.49 percent, 15.76 percent and 15.42 percent year on year, respectively. In particular, Nanjing Steel exported 275,600 mt of finished steel in the first half of the year, up 120 percent year on year.
Nanjing Steel stated that the decreases in finished steel prices negatively impacted its operating revenue and net profit in the first six months of the current year.