In 2017, Jiangsu Province-based Chinese steel producer Shagang Group achieved a good performance, with annual sales revenues totaling RMB 220 billion ($35 billion), up 10.9 percent year on year, with a gross profit of RMB 19.274 billion ($3 billion), rising by 281.6 percent on year-on-year basis, according to local media sources in China. Shagang Group has ranked in the world's top 500 companies for nine consecutive years, while it ranks sixth in the list of the world's top 50 steel companies published by the World Steel Association (worldsteel).