Jiangsu-based Shagang Iron and Steel Co., Ltd., the listed subsidiary of Shagang Group, China’s largest private steelmaker, has issued its financial report for 2019, announcing an operating revenue of RMB 13.475 billion ($1.9 billion), down 8.41 percent year on year, and a net profit of RMB 529 million ($74.7 million) for the given period, down 55.07 percent year on year.
As previously reported by SteelOrbis, the company stated that its finished steel prices decreased by 7.26 percent year on year in 2019, while its prices paid for raw materials in the given year rose by 11.02 percent year on year, resulting in the decline in its net profit for the year.
In 2019, Shagang Iron and Steel produced 3.3625 million mt of crude steel, 2.7643 million mt of pig iron and 3.183 million mt of finished steel, up 2.65 percent, 1.65 percent and 1.97 percent year on year, respectively.
$1 = RMB 7.0851