Jiangsu Province-based Chinese steelmaker Shagang Group announced that in the January-September period of the current year its operating revenue amounted to RMB 7.96 billion ($1.3 billion), down 11.78 percent year on year. Meanwhile, its net profit for the period was RMB 14.907 million ($2.44 million), up 251.6 percent year on year.

In the third quarter alone, the company's operating revenue and net profit amounted to RMB 2.801 billion ($458 million) and RMB 6.1014 million ($996,961) respectively, up 5.78 percent and 113.86 percent year on year.

Shagang Group stated that the increase in its net profit was mainly due to improved conditions in the iron and steel market. Meanwhile, Shagang Group predicted that its total net profit for 2013 will be in the range of RMB 26-33 million ($4.25-5.39 million), up 15-45 percent year on year.