Beijing-based Chinese steelmaker Shougang Iron and Steel Co. (Shougang) has stated that it registered an operating revenue of RMB 50.288 billion ($7.1 billion) in the first three quarters of the year, up 3.78 percent year on year, while posted a net profit of RMB 1.236 billion (0.17 billion) for the given period, down 42.25 percent year on year.
The company stated the declines in finished steel prices and rises in raw materials have contributed to the drop of its net profit in the given period.