Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Co.(Xinyu Steel) has announced in its annual report that in 2015 it registered an operating revenue of RMB 25.37 billion ($3.92 billion), down 21.62 percent year on year, with a net profit of RMB 60.5596 million ($9.35 million), decreasing by 85.1 percent year on year.
Xinyu Steel stated that slowing economic growth in China and the ongoing declining trend of finished steel prices in 2015 squeezed the company’s profitability in the given year.