Jiangsu Province-based Chinese steelmaker Shagang Group has announced that in 2012 its sales revenue amounted to RMB 218 billion ($34.6 billion), up five percent year on year. Meanwhile, in 2012 the group achieved pre-tax profits of over RMB 5 billion ($797 million). In 2012, Shagang exported 3.03 million mt of finished steel, up 74 percent year on year, while the value of the finished steel exports was $1.48 billion, up 46 percent year on year. Shagang Group ranked first in the 2012 list of China's top 500 private sector enterprises and has been ranked in Fortune Magazine's list of the world's 500 largest companies for four consecutive years.