On February 28, Jiangsu Province-based Chinese steelmaker Shagang Co., Ltd issued its financial results for 2012.

Accordingly, Shangang Co. achieved an operating revenue of RMB 12.143 billion ($1.9 billion) in 2012, down 19.04 percent year on year. Meanwhile, in the given year the company's net profit totaled RMB 21.1281 million ($3.5 million), with a decrease of 92.39 percent compared to its net profit of RMB 278 million in 2011.

Shagang stated that its profits in 2012 were negatively impacted by declines in steel prices, relatively higher raw material prices and weak market demand from the downstream side, and also by the general economic situation.