Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) has announced that in the January-September period this year it registered an operating revenue of RMB 46.883 billion ($6.6 billion), down 2.87 percent year on year, while posting a net profit of RMB 1.189 billion ($0.17 billion), down 48 percent year on year.
Meanwhile, Shandong Province-based steelmaker Shandong Iron and Steel Group (Shandong Steel Group) has announced an operating revenue of RMB 52.98 billion ($7.5 billion) for the January-September period this year, up 30.66 percent year on year, and a net profit of RMB 489.5 million ($69.2 million), down 79.76 percent year on year.
Furthermore, Liaoning Province-based producer Angang Steel Co. (Ansteel) has announced an operating revenue of RMB 77.623 billion ($11.0 billion) for the period in question, down 0.24 percent year on year, and a net profit of RMB 1.722 billion ($0.24 billion), down 74.88 percent year on year.
Due to the sharp rises in raw material prices and the declines in steel prices, Chinese steelmakers’ profitability decreased in the first nine months of the current year.