Beijing-based Chinese steelmaker Shougang Co., Ltd has announced that it registered an operating revenue of RMB 113.761 billion ($16 billion) in the January-March period this year, down by 3.71 percent year on year, while it posted a net profit of RMB 664 million ($93.5 million) in the given period, down by 40.98 percent year on year.
The company stated that the raw material prices have been at relatively high levels in the given period, while the demand has not improved as market players had expected, resulting in bigger declines at finished steel prices than raw material prices. The company’s operating performance has been negatively affected.
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