Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its financial report for the third quarter, announcing an operating revenue of RMB 4.786 billion ($0.75 billion), up 22.21 percent year on year, while it posted a net profit of RMB 280 million ($43.8 million), up 54.91 percent year on year.
In the January-September period of the current year, the company registered an operating revenue of RMB 14.06 billion ($2.2 billion), up 35.4 percent year on year, while posting a net profit of RMB 826 million ($129.2 million), up 90.76 percent year on year.
Shagang said that rising steel prices in the given period as well as its technology upgrading and product structure adjustment contributed to the sharp rise in its net profit.