Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd has announced an operating revenue of RMB 15.59 billion ($2.2 billion) for the first quarter this year, down 8.7 percent year on year, as well as a net profit of RMB 150 million ($21.2 million) for the given quarter, down 56.7 percent year on year. The outbreak of the coronavirus negatively affected its performance in the first three months of the year, the company stated.
Taigang Stainless Steel Co. also stated that it registered an operating revenue of RMB 70.42 billion ($9.96 billion) in 2019, down 3.46 percent year on year, while recording a net profit of RMB 2.119 billion ($0.3 billion) for the given year, down 57.43 percent year on year. It said that the downtrend in finished steel prices amid rising raw material prices contributed to the decline in its net profit in 2019.
$1 = RMB 7.0703