Major Hebei Province-based Chinese steelmaker Hesteel - a listed subsidiary of Hebei Iron and Steel Group - has announced that it registered an operating revenue of RMB 22.58 billion ($3.2 billion) in the first quarter of the year, down 19.61 percent year on year, and a net profit of RMB 229 million ($32.3 million), down 37.94 percent year on year. The outbreak of the coronavirus exerted a negative impact on the company’s performance in the first quarter of the year.
In 2019, Hesteel registered an operating revenue of RMB 121.495 billion ($17.2 billion), up 0.45 percent year on year, and a net profit of RMB 2.559 billion ($0.36 billion), down 29.42 percent year on year.
In 2019, Hesteel produced 27.12 million mt of pig iron, 26.72 million mt of crude steel and 25.32 million mt of finished steel, while it plans to produce 25.38 million mt of pig iron, 24.65 million mt of crude steel and 23.49 million mt of finished steel in 2020.