During the first quarter of this year, Jiangsu-based Chinese steel producer Shagang posted sales revenue of RMB 41.3 billion (about $6.05 billion) and pre-tax profit of RMB 2 billion (about $ 293 million), up 43 percent and 178 percent year on year respectively. Meanwhile, in the first quarter the company produced 5.67 million mt of pig iron, 6.79 million mt of crude steel and 6.44 million mt of finished steel, respectively up 14 percent, 15 percent and 24 percent year on year.
Commenting on the results, Shagang states that, against the background of challenges such as rocketing raw material prices and sharp decreases in profit, it has been placing great emphasis on updating its product structure and has thus established a new competitive advantage.