Jiangsu Province-based Chinese steelmaker Shagang Co. has stated that in the first nine months of the current year it achieved an operating revenue of RMB 7.653 billion ($1.25 billion), down 3.87 percent year on year, while it recorded a net profit of RMB 52.3309 million ($8.52 million), up 251.04 percent year on year.
Meanwhile, Shagang estimates that for the whole of the current year it will achieve a net profit in the range of RMB 53.60-62.00 million ($8.73-10.10 million), up 90-120 percent year on year, mainly on the back of declines in raw material prices.