Beijing-based Chinese major steelmaker Shougang Iron and Steel Co., Ltd, a listed subsidiary of Shougang Group, has issued its financial report for the first quarter of the current year, announcing an operating revenue of RMB 17.15 billion ($2.4 billion), up 11.46 percent year on year, and a net profit of RMB 198.7 million ($28.1 million) in the given quarter, down 27.52 percent year on year. The outbreak of the coronavirus in the first quarter exerted a negative impact on the company’s performance due to the extension of the holiday period, the disruption of transportation, and the shortage of workers.
In 2019, Shougang Iron and Steel registered an operating revenue of RMB 691.514 billion ($97.8 billion), up 5.13 percent year on year, and a net profit of RMB 1.251 billion ($0.18 billion), down 47.95 percent year on year. The company said that the rises in raw material prices and decreases in finished steel prices contributed to the decline in its net profit.
$1 = RMB 7.07