Nanjing Iron and Steel’s net profit falls in Q1, crude steel output up

Wednesday, 06 May 2020 14:35:11 (GMT+3)   |   Shanghai

Jiangsu Province-based Chinese steelmaker Nanjing Iron and Steel Co., a listed subsidiary of Nanjing Iron and Steel Group, has announced that it registered an operating revenue of RMB 11.5 billion ($1.6 billion) in the first quarter of this year, down 2.4 percent year on year, and a net profit of RMB 461 million ($65.2 million), down 44.88 percent year on year.

In the given quarter, it produced 2.5748 million mt of pig iron and 2.8099 million mt of crude steel, up 5.16 percent and 2.64 percent year on year, respectively, equivalent to 24.52 percent and 24.22 percent of the respective annual production targets. Nevertheless, finished steel production totaled 2.3638 million mt in the first quarter, down 6.54 percent year on year, and equivalent to 24.52 percent of the target for the full year.

Meanwhile, the company’s comprehensive average steel product sales price in the first quarter stood at RMB 3,839.39/mt ($543.1/mt), down 3.2 percent year on year. The company said the outbreak of the coronavirus negatively affected the steel industry in the first quarter.

$1 = RMB 7.069

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