Jiangsu-based Shagang Group, China’s largest private steelmaker, has issued its preliminary financial report for 2019, announcing an operating revenue of RMB 13.475 billion ($1.9 billion), down 8.41 percent year on year, and a net profit of RMB 528 million ($75.6 million) for the given period, down 55.18 percent year on year.
The company stated that its finished steel prices decreased by 7.26 percent year on year in 2019, while its prices paid for raw materials in the given year rose by 11.02 percent year on year, resulting in the decline in its net profit.
