Shagang Co., Ltd, the listed subsidiary of Jiangsu Province-based Shagang Group, has issued its preliminary financial report for the first six months this year, stating that its operating revenue amounted to RMB 9.688 billion ($1.4 billion) in the given year, up 4.4 percent year on year, while its net profit reached RMB 361 million ($52.7 million), down 33.9 percent year on year.
The company stated that the slackening demand from downstream users amid the Covid-19 pandemic, Russia-Ukraine conflict and global inflation negatively affected the steel industry, which negatively affected the company’s performance.
