Beijing-based Chinese steelmaker Shougang has issued details of its subsidiaries' financial results for 2011 against the background of its current restructuring process. Shougang announced this week the suspension of its shares from trading as of Tuesday, July 17 because of major asset restructuring. Detailed information about the restructuring has not yet been issued.
In 2011, Jingtang Iron and Steel, also known as Shougang Caofeidian Project achieved operating revenue of RMB 29.488 billion ($4.67 billion) and a net loss of RMB 5.14 billion ($815 million).
In the given year, Guizhou Province-based Shougang Shuicheng Iron and Steel (Group) Co. saw anl operating revenue of RMB 17.246 billion ($2.73 billion) and a net loss of RMB 225 million ($35.66 million), while Shanxi Province-based Changzhi Iron and Steel Co., Ltd recorded total operating revenue of RMB 12.634 billion ($2 billion) and a net loss of RMB 225 million ($35.66 million).
In 2011, Jilin Province-based Tonghua Iron & Steel Group Co., Ltd and Xinjiang based Yili Iron & Steel Group Co., Ltd achieved operating revenues of RMB 26.812 billion ($4.25 billion) and RMB 1.81 billion ($287 million), and net profits of RMB 227 million ($35.97 million) and RMB 89 million ($14.1 million) respectively.