Shandong Province-based Chinese steelmaker Shandong Iron and Steel Group Co., Ltd (Shandong Steel) has announced that in the first half of the current year it recorded an operating revenue of RMB 23.004 billion ($3.59 billion), down 15.32 percent year on year, with a net profit of RMB 7.4544 million ($1.16 million) compared to a net loss of RMB 797 million in the same period of 2014.
In the given period, Shandong Steel produced 4.92 million mt of pig iron, 5.72 million mt of crude steel and 5.44 million mt of finished steel, indicating decreases of 5.12 percent, 6.58 percent and 7.67 percent year on year, respectively.
Shandong Steel stated that the imbalance between supply and demand in China’s domestic steel market and the rapid decreases in finished steel prices negatively impacted its operating revenue in the first half of the current year.