According to the Q1 report released by Chinese steelmaker Tangshan Steel on April 29, the company's net profit for the quarter in question fell by approximately 90 percent compared with the same period last year.
In the first quarter of 2009, Tangshan Steel achieved RMB 10.024 billion ($1.47 billion) in sales revenues, down 27.29 percent year on year, while its net profit came to RMB 83.6643 million ($12.27 million), down 88.54 percent.
Meanwhile, according to the Q1 report of Chongqing Steel issued yesterday, due to the slump in steel prices, the company also saw a 90 percent drop in net profit for the first quarter.
In Q1, Chongqing Steel registered sales revenues of RMB 2.461 billion ($360 million), down 39.83 percent year on year; meanwhile, its net profit for the quarter in question came to RMB 19.838 million ($2.91 million), down 89.36 percent.