SHANGHAI (Yosefardi) – China Precision Steel, Inc., a niche precision steel processing company principally engaged in producing and selling high precision, cold-rolled steel products, booked revenue of $36.5 million for the fiscal year 2013 ended June 30, 2013. Total volume sold was 56,232 tons.
The revenue was down 74.5% from revenue of $143.0 million in fiscal year 2012. High carbon and low carbon products accounted for 38.2% and 59.8% of sales, respectively, compared to 18.3% and 79.3%, respectively, in the prior year.
International sales represented 10% of total sales, up from 5% in fiscal year 2012.
With China’s economy losing steam over the past year combined with overcapacity and softening demand for steel, steel prices have been under pressure.