Jiangsu Province-based Chinese steel producer Jiangsu Shagang Co., Ltd (Jiangsu Shagang), a subsidiary of Chinese steelmaker Shagang Group, has stated that in the first quarter of the current year it achieved an operating revenue of RMB 3.376 billion ($0.54 billion), up 16.04 percent year on year, and a net profit of RMB 255 million ($40.6 million), rising by 138.88 percent year on year.