Shanxi Province-based Chinese major steelmaker Taigang Stainless Steel Co., Ltd., the listed subsidiary of Taiyuan Iron and Steel Group, has issued its financial report for 2020, stating that it registered an operating revenue of RMB 67.419 billion ($10.4 billion) in the given year, down 4.26 percent year on year, while posting a net profit attributable to the shareholders of the listed company of RMB 1.735 billion ($0.27 billion), down 18.11 percent year on year.
In 2020, the company produced 10.6886 million mt of crude steel, down 1.57 percent, including 4.1884 million mt of stainless steel, up 0.3 percent, year on year. Its sales amounted to 9.8708 million mt of finished steel, down 2.39 percent, including 3.788 million mt of stainless steel, up 0.81 percent, year on year. The finished steel exports of the company declined significantly by 29 percent year on year to 695,500 mt, with 482,600 mt consisting of stainless steel, down 30.8 percent year on year.
In the first quarter of the current year, the company registered an operating revenue of RMB 21.282 billion ($3.3 billion), up 36.55 percent year on year, while it posted a net profit attributable to the shareholders of the listed company of RMB 1.865 billion ($0.29 billion), up 1148.53 percent year on year.