China Industrial Steel Inc. reported audited consolidated earnings results for the year ended December 31, 2012. For the year, the company reported total revenues of $649,318,792 in 2012, a decrease of $173,788,250, or 21% compared to $823,107,042 in 2011. Of the decreased revenues, approximately $117 million, or 68% of the decrease was due to a decrease in the average sales price of steel products; $51 million, or 29% of the decrease was due to decrease in the quantity of steel products sold, and $5 million, or 3% was due to the decrease in the revenue of byproducts.

The company reported income form operations of $11,483,281 compared to $58,960,631, income from operation before income tax of $7,320,930 compared to $53,233,915, net income of $5,934,990 or $0.08 per basic and diluted share compared to $45,801,476 or $0.62 per basic and diluted share for the last year. Net income was down considerably as compared to 2011, primarily as a result of the decrease in sales price of the company's products.