Anhui Province-based Chinese steelmaker Ma’anshan Iron and Steel (Masteel) has issued its preliminary financial report for 2020, announcing that Masteel Group achieved an operating revenue of RMB 81.54 billion ($12.5 billion) in 2020, up 4.19 percent year on year, while posting a net profit attributable to the shareholders of the listed company amounting to RMB 1.983 billion ($0.3 billion), up 75.8 percent year on year.
In 2020, Masteel Group produced 18.55 million mt of pig iron, 20.97 million mt of crude steel and 19.86 million mt of finished steel, up 2.49 percent, 5.7 percent and 5.81 percent, year on year, respectively.
The company said its steady production in the given year and cost reduction contributed to the rise in its net profit.