SteelOrbis Shanghai
According to the third quarter 2008 report recently issued by Anhui Province-based Maanshan Iron and Steel Co., Ltd, during the first three quarters of the current year, the company achieved a net profit of RMB 3.047 billion ($447 million), with EPS (earning per share) reaching RMB 0.451 ($0.066). Meanwhile, in the third quarter, the company's net profit came to RMB 786 billion ($115 million), while its EPS stood at RMB 0.1164 ($0.017), registering a decrease of 47.4 percent compared with the EPS of RMB 0.2215 ($0.032) for the second quarter.
During the third quarter, Maanshan Steel produced 3.75 million mt of pig iron, 4.08 million mt of crude steel and 3.81 million mt of finished steel, indicating rises of 5.63 percent, 4.08 percent and 4.67 percent respectively. The operational revenue of the company in the third quarter reached RMB 19.87 billion ($2.91 billion), an increase of 44.68 percent, while net profit totaled RMB 787 million ($115 million), up 56.46 percent. The main reason behind the increased profit lies in the rise in steel sales during the given period.