Jiangsu province-based Chinese steelmaker Nanjing Iron and Steel Co., Ltd has announced that in the first quarter this year it registered an operating revenue of RMB 17.05 billion ($2.6 billion), up 0.6 percent year on year, and a net profit of RMB 720 million ($108.6 million), down 26.9 percent year on year.
The company said the rises in coal and coke prices exceeded the increases in steel prices in the given period, contributing to the decline in its net profit.