Chinese steel producer Shagang Co., Ltd, a listed subsidiary of Jiangsu Province-based Shagang Group, has issued its preliminary financial report for the first nine months this year, stating that its operating revenue amounted to RMB 13.914 billion ($1.94 billion) in the given period, down 1.07 percent year on year, while its net profit totaled RMB 426 million ($59.5 million), down 48.47 percent year on year.
In the July-September quarter, Shagang registered an operating revenue of RMB 4.227 billion ($0.6 billion), down 11.61 percent year on year, and a net profit of RMB 64.7853 million ($9.0 million), down 76.87 percent year on year.
The repeated outbreaks of the Covid-19 pandemic and increasing raw material prices resulted in declines in its performance in the first nine months this year, the company said.
