Shandong Province-based Chinese steelmaker Shandong Iron and Steel (Shandong Steel) has issued its financial report for the first quarter this year, announcing that Shandong Steel Group realized an operating revenue of RMB 26.677 billion ($4.1 billion) in the given quarter, up 37.57 percent year on year, and a net profit attributable to the shareholders of the listed company of RMB 617 million ($95.3 million), up 2,029.34 percent year on year.
Shandong Steel said it expects that its net profit for the second quarter will likely indicate a big year-on-year rise amid the increasing trend of finished steel prices.
$1 = RMB 6.4715