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Nanjing Steel’s operating revenue down 7.69 percent in 2022

Wednesday, 29 March 2023 11:58:12 (GMT+3)   |   Shanghai
       

Jiangsu province-based Nanjing Iron and Steel Co., Ltd has issued its financial report for 2022, stating that it registered an operating revenue of RMB 70.667 billion ($10.3 billion) in the given year, down 7.69 percent year on year, while it posted a net profit of RMB 2.161 billion ($0.3 billion), down 48.59 percent year on year.

Nanjing Steel said its business activity decreased year on year amid the strict control measures against the Covid-19 pandemic in 2022, with several maintenance works being carried out on blast furnaces, resulting in its year-on-year decline in finished steel output, exerting a negative impact on its operating revenue and net profit. In 2022, Nanjing Steel produced 9.8443 million mt of finished steel, down 5.37 percent year on year, while it sold 9.7501 million mt of steel, down 6.28 percent year on year.  

In 2022, Nanjing Steel exported 980,000 mt of finished steel, achieving a historical record, while high-end steel exports performed well. For instance, Nanjing Steel supplied 650,000 mt of high-end steel to 45 international projects, including a Saudi Aramco oil pipeline and an oil pipeline in Qatar, up 29 percent year on year.  

In the given year, Nanjing Steel built an overseas coke production base in Qingshan Industrial Park, Indonesia. Meanwhile, Indonesia Jinrui New Energy and Indonesia Jinxiang New Energy have been jointly set up by Nanjing Steel to build coke projects, with a total annual output of 6.5 million mt.


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