Shagang Co., Ltd, the listed subsidiary of Jiangsu Province-based Shagang Group, has issued its financial report for the first three months this year, stating that its operating revenue amounted to RMB 3.884 billion ($0.56 billion) in the given period, down 16.26 percent year on year, while its net profit reached RMB 51.4896 million ($7.5 million), down 73.88 percent year on year.
Meanwhile, Shagang Co. also issued its financial report for the full year of 2022, announcing an operating revenue of RMB 18.173 billion ($2.64 billion), down 1.7 percent year on year, and a net profit of RMB 453 million ($65.8 million), down 59.26 percent year on year.
In 2022, Shagang Co. produced 3.383 million mt of finished steel, up 2.49 percent year on year.
Shagang Co. plans to produce 3.45 million mt of finished steel in 2023.