Beijing-based Chinese steel producer Shougang posted its 2009 financial report in March 3. Accordingly, Shougang registered a net profit of RMB 368 million ($53.9 million) for the year in question, down 10.44 percent year on year. Meanwhile, the company's sales revenues in 2009 saw a decrease of 7.04 percent year on year to RMB 2.29 billion ($335.42 million).
In its report, Shougang stated that, under the combined influence of reduced demand, difficulties facing exports and excess capacity in the domestic market, as well as due to the strong negative impact of the global economic crisis, both the company and the steel market as a whole faced a very difficult situation in 2009.