Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Group (Xinyu Steel) has announced a net profit of RMB 170 million ($26.95 million) for 2011, down 53.45 percent year on year. Earnings per share for the year in question amounted to RMB 0.12 ($0.0190).
In addition, Xinyu Steel's sales revenues 2011 totaled RMB 40.23 billion ($6.38 billion), up 14.24 percent year on year.