In its financial report for 2014, Beijing-based Chinese steelmaker Shougang Iron and Steel Co. has announced an operating revenue of RMB 23.985 billion ($3.83 billion), down 8.51 percent year on year, and a net profit of RMB 62.6438 million ($10.01 million) for the given period, down 36.62 percent year on year. In 2014, Shougang Steel produced 7.4745 million mt of pig iron, 7.4180 million mt of crude steel and 7.1031 million mt of finished steel.
The company stated that the decline in its operating revenue was mainly due to product structure adjustment, production restrictions during the Asia-Pacific Economic Cooperation (APEC) meeting in Beijing in November, and decreases in finished steel prices.