According to its financial report for the third quarter of 2009 released on October 27, Chinese steelmaker Liuzhou Steel achieved RMB 6.993 billion in sales revenues during the period in question, down 20.23 percent year on year, while its net profit came to RMB 507 million, up very sharply by 931.56 percent year on year.
Furthermore, the steel producer's net profit during the first nine months this year totaled RMB 87 million compared with RMB 220 million for the same period last year. The decrease resulted from the significant losses suffered in the first half of 2009 due to the slump in steel prices and the high costs of raw materials.