Shandong Iron & Steel posts 9.47% rise in 2018 net profit

JINAN - Shandong Iron and Steel Co Ltd, a subsidiary of major Chinese steel producer Shandong Iron and Steel Group, said Friday that its net profit saw a 9.47-percent rise in 2018.

The company's net profit attributable to shareholders reached 2.11 billion yuan (about $314.3 million) last year, according to its annual financial report filed to the Shanghai Stock Exchange.

Over the same period, the company in East China's Shandong province saw its revenue reach 55.91 billion yuan, up 16.72 percent year on year.

It produced 9.11 million tons of crude iron, 10.31 million tons of steel and 10.01 million tons of steel products in 2018.

Its shares closed 2.13 percent higher at 1.92 yuan Friday.