Shagang Co., Ltd, the listed subsidiary of Jiangsu Province-based Shagang Group, has issued the financial report for the first six months this year, stating that its operating revenue amounted to RMB 7.599 billion ($1.1 billion) in the given period, down 21.56 percent year on year, while its net profit reached RMB 106 million ($14.7 million), down 70.49 percent year on year.
The company stated that the demand for steel has been slack in the January-June period this year, exerting a negative impact on Shagang’s performance.