Jiangsu Province-based Chinese steelmaker Shagang Co., Ltd. (Shagang) has announced a net profit of RMB 163 million ($22.6 million) for the year of 2024, down 27.75 percent year on year. In the given year, Shagang registered an operating revenue of RMB 14.416 billion ($2.0 billion), down 7.69 percent year on year.
The steel industry in China experienced a difficult market situation in 2024, which negatively affected Shagang’s performance.