On April 25, Shandong Province-based Chinese steelmaker Shandong Iron and Steel Co. announced that in the first quarter this year its operating revenue amounted to RMB 17.584 billion ($2.83 billion), down 20.67 percent year on year. Meanwhile, its net profit totaled RMB 2.5934 million ($416,945), compared to the net loss of RMB 398 million ($63.99 million) recorded in the same period of 2012.