Inner Mongolia Autonomous Region-based Chinese steelmaker Baotou Iron and Steel Corporation Ltd announced its Q3 2010 results on October 26. The steelmaker's net profits in the third quarter reached RMB 130 million ($19.4 million), seeing a very sharp drop from a net profit of RMB 418.633 million in Q3 2009, while its turnover amounted to approximately RMB 10.49 billion ($1.57 billion), up 39.6 percent year on year.
In the first three quarters of this year, Baotou Iron and Steel recorded a net profit of RMB 504 million ($75 million), compared to last year's net loss of RMB 329 million ($49 million), while its turnover reached RMB 29.386 billion ($4.4 billion), up 18.46 percent, both compared to the first nine months of 2009.