On October 25, Jiangsu Province-based Chinese steelmaker Shagang Group issued its financial results for the first three quarters of this year, indicating a net loss of RMB 9.834 million ($1.56 million) compared to a net profit of RMB 249.71 million ($39.45 million) in the same period last year.
Meanwhile, for the given period Shagang Group reported an operating revenue of RMB 9.025 billion ($1.43 billion), down RMB 2.827 billion ($449 million) or 23.86 percent year on year.
In the third quarter, the company achieved an operating revenue of RMB 2.648 billion ($423 million), down 28.35 percent year on year. Meanwhile, in the quarter in question Shagang saw a net loss of RMB 44 million ($6.98 million) compared to a net profit of RMB 79 million in the third quarter of 2011.