Jiangsu Province-based Chinese steelmaker Shagang Iron and Steel Co. has announced that in 2013 it recorded an operating revenue of RMB 10.7 billion ($1.75 billion), down 11.56 percent, while it achieved a net profit of RMB 26.2524 million ($4.30 million), up 15.63 percent, both year on year. Shagang's gross profit in the given year amounted to RMB 51.2624 million ($8.40 million), up 77.32 percent year on year.
Shagang stated that in 2013 it focused on reducing costs and revising its product structure, while it also improved its financial management and adjusted its financial structure, thereby increasing its profitability.