Hunan Valin Steel’s operating revenue rises by 7.38 percent

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In its final financial report for the firstquarter this year, Hunan Province-based Chinese steelmaker Hunan Valin Iron& Steel Co. (XISC) has announced an operating revenue of RMB 14.077 billion($2.3 billion), up 7.38 percent year on year, and a net loss of RMB 129 million($21.04 million), down 64.9 percent year on year, with a loss per share of RMB0.0429.

Hunan Valin Steel stated that in the firstquarter this year the steel industry faced an overall sluggish situationinfluenced by the slowdown in the economy caused by the Chinese New Yearperiod. Although raw material prices indicated year-on-year declines in thefirst quarter, the year-on-year declines in steel prices were larger.

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