Sichuan Province-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co., Ltd has announced its financial results for 2012. Accordingly, the company achieved an operating revenue of RMB 15.602 billion ($2.5 billion) in 2012, down 70.31 percent year on year. Meanwhile, in the given year the company's net profit totaled RMB 592 million ($94 million), compared to its net profit of RMB 1.686 million in 2011. Pangang Group Steel Vanadium & Titanium Co. stated that, due to the major reorganization of its assets carried out in 2011, its financial results for 2012 cannot accurately be compared with its results for 2011.