China Industrial Steel Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of $188,363,697 against $177,028,648 for the same period in the last year. The increase in sales was mainly due to the increase in sales of steel plates and steel wires, offset by the decrease in sales of steel billets and the decrease in unit sales price in the three months ended March 31, 2013.

The average unit sales price was $501 per ton, a decrease of $70, or 12%, compared to $571 per ton in the comparable period of 2012. Income from operations was $3,644,161 against $7,581,921 for the same period in the last year. Income from operation before income tax was $2,088,004 against $5,726,434 for the same period in the last year.

Net income was $1,353,839 or $0.02 per basic and diluted share against $4,706,044 or $0.06 per basic and diluted share for the same period in the last year.