On March 26, Qinghai Province based Chinese steelmaker Xining Special Steel Co. reported that in 2012 its sales revenue totaled RMB 6.8713 billion (USD 1.1 billion), down 16.29% while its net profit amounted to RMB 31.49 million (USD 5.06 million), down 90.28% both on year on year basis, with basic earnings per share of RMB 0.04 (USD 0.006).
In the given year, Xining Special Steel’s outputs of pig iron, crude steel and finished steel amounted to 1.292 million tonne, 1.412 million tonne and 1.312 million tonne respectively up by 12.8%, 1.2% and 0.8% year on year. Furthermore, in 2012 the company produced 1.56 million tonne of iron ore concentrate and 741,000 tonne of coke, increasing by 14.5% and 3% year on year respectively.
Xining Special Steel stated that the decrease in its revenue in 2012 was mainly caused by the decline in prices of finished steel and iron ore concentrate.
