Major Chinese steelmaker Hebei Province-based Hesteel has announced that it registered an operating revenue of RMB 94.29 billion ($13.4 billion) in the January-September period of the current year, up 4.07 percent year on year, while posting a net profit of RMB 1.783 billion ($0.25 billion) for the period, down 47.1 percent year on year.
In the January-September period, finished steel prices in China moved down and iron ore prices were high. However, high production output and high inventory levels in the third quarter contributed to a worsening of Hesteel’s performance in the given quarter.
In the third quarter of the year, Hesteel recorded an operating revenue of RMB 31.9 billion ($4.5 billion), down 7.35 percent year on year, with a net profit of RMB 615.0 million ($87.2 million), down 60.31 percent year on year.