Jiangsu Province-based Chinese steelmaker Shagang Co. Ltd, the listed subsidiary of Shagang Group, has issued its financial report for 2014, announcing an operating revenue of RMB 10.38 billion ($1.67 billion), down 4.44 percent year on year, and a net profit of RMB 35.2164 million ($5.68 million), rising by 24.69 percent year on year.
In the given year, Shagang Co. produced 2.8297 million mt of pig iron, 2.851 million mt of crude steel, 2.8695 million mt of finished steel, decreasing by 2.35 percent, five percent and 2.46 percent year on year, respectively.
In addition, the company has also issued its financial report for the first quarter of the current year, announcing an operating revenue of RMB 1.805 billion ($0.29 billion), down 26.88 percent year on year, and a net profit of RMB 1.4068 million ($0.227 million), down 62.60 percent year on year.
Shagang Co. has said that it expects to achieve a net profit of RMB 10.48-20.97 million ($1.69-3.38 million) in the first half of this year, down 40-70 percent year on year.