Jiangsu Province-based Shagang Co., Ltd. (Shagang), has issued its financial report for the first nine months this year, stating that it registered an operating revenue of RMB 10.807 billion ($1.5 billion) in the given period, down 6.29 percent year on year, while it posted a net profit of RMB 105 million ($14.7 million), down 43.15 percent year on year.
In the July-September period this year, Shagang registered an operating revenue of RMB 3.148 billion ($0.44 billion), down 17.38 percent year on year, while posting a net profit of RMB 1.34 million ($0.19 million), down 98 percent year on year.
Shagang stated that the slack demand in the local market, increasing raw material prices and the fierce competition in the steel industry led to the big decline in its net profit in the July-September period.