Jiangsu Province-based Chinese steelmaker Shagang Group has issued its estimated financial results for the first three quarters of this year, indicating a net loss of RMB 8-12 million ($1.26-1.90 million) compared to a net profit of RMB 249.7138 million ($39.45 million) in the same period last year.
Meanwhile, Shagang Group reported a 20 percent year-on-year decline in operating revenue for the January-September period of this year due to decreases in both steel sales volumes and in average sales prices.
The steel producer stated that in the first three quarters of the year its gross profit margin decreased by over five percentage points year on year amid much sharper declines in steel sales prices compared with the decreases seen in prices of raw materials.