Jiangsu Province-based Chinese steel producer Jiangsu Shagang Co., Ltd (Jiangsu Shagang), a subsidiary of Chinese steelmaker Shagang Group, has stated in its preliminary financial report for 2017 that it achieved an operating revenue of RMB 12.323 billion ($1.95 billion) in the given year, up 62.46 percent year on year, and a net profit of RMB 700.3 million ($110.6 million), rising by 218.33 percent compared to the net profit of RMB 219.996 million in 2016.