On April 21, Chinese steel producers Laiwu Steel, Shagang Steel and Baotou Steel released their first quarter financial results. Laiwu Steel and Shagang Steel both posted declines in their profits, citing increased raw material prices.
Shandong Province-based steelmaker Laiwu Steel reported a net profit of RMB 24.9419 million ($3.814 million) in the first quarter, decreasing by 81.09 percent year on year.
Jiangsu Province-based Shagang Iron and Steel achieved an operating revenue of RMB 3.863 billion ($5.91 billion) in Q1, up by 37 percent on year-on-year basis, while its net profit attributable to shareholders was RMB 99.8059 million ($15.26 million), down 13.87 percent year on year.
According to Inner Mongolia-based Baotou Steel, its operating revenue in the first quarter of the current year was RMB 8.174 billion ($1.25 billion), while its net profit attributable to shareholders reached RMB 100 million, rising by 99.56 percent year on year.