In the third quarter of the current year Shandong Province-based steelmakers Laiwu Iron and Steel and Jinan Iron and Steel recorded net losses of RMB 233 million ($35.09 million) and RMB 189 million ($28.46 million) respectively. Higher iron ore costs were cited as the main factor behind the losses.
Due to the higher steel product prices this year, in the first three quarters of the current year gross revenues of Laiwu Iron and Steel amounted to RMB 28.635 billion ($4.31 billion), up 42.61 percent year on year, while Jinan Iron and Steel's gross revenues were RMB 23.803 billion ($3.58 billion), up from RMB 18.776 billion in the same period last year.
US$1 = RMB 6.64