Shandong province-based Chinese steel producer Shandong Iron and Steel Co., Ltd has announced that it registered an operating revenue of RMB 76.596 billion ($10.7 billion) in the January-September period this year, down 12.25 percent year on year, and a net profit of RMB 268 million ($37.3 million), decreasing by 90.63 percent year on year.
In the July-September period, it registered an operating revenue of RMB 23.046 billion ($3.2 billion), declining by 19.01 percent year on year, and a net profit of RMB 831 million ($116 million), down 210.53 percent year on year.
The company stated that the Covid-19 pandemic exerted a negative impact on demand for steel, resulting in decreases in its profitability in the first nine months this year.
Even in the traditional peak season of September, the rebounding trend of finished steel prices was not as good as market players had expected.