Valin Steel posted an operating revenue of 41.50 billion yuan last year, down 26.31 percent from 2008; a net profit of 120 million yuan, down 87.4 percent and earnings per share of 0.0438 yuan, down 87.42 percent. Valin blamed the decline on weak demand, falling finished steel prices and rising raw material costs. The mill plans to obtain sales revenue of 60.5 billion yuan this year.