On October 11, Hubei Province-based Chinese steelmaker Daye Special Steel Co. issued its financial results for the first three quarters of the current year, announcing a net profit of RMB 204-220 million ($32.2-34.7 million) in the given period, down 50.97-54.53 percent year on year.
Daye Special Steel’s net profit in the third quarter of this year was estimated at RMB 15.24-31.24 million ($2.4-4.9 million), down 76.14-88.36 percent compared to the same period of last year.
Daye Special Steel stated that its profit in the first three quarters of this year was negatively impacted by higher raw material prices and sharp declines in steel sales prices compared to the favorable market conditions observed in the same period last year.