On April 23, Jiangsu Province-based Chinese steelmaker Shagang Co., Ltd issued its financial results for the first quarter of this year as well as its revised results for 2012.
Accordingly, Shangang Co. achieved an operating revenue of RMB 2.366 billion ($379 million) in the first quarter, down 23.53 percent year on year. Meanwhile, in the given period the company's net profit totaled RMB 4.6847 million ($0.75 million), with a decrease of 73.85 percent compared to the same period of last year.
In addition, according to revised figures, in 2012 Shangang Co. achieved an operating revenue of RMB 12.147 billion ($1.9 billion), down 19.02 percent, and a net profit of RMB 22.7039 million ($3.6 million), down 91.82 percent, both year on year.