On October 31, Jiangsu Province-based Chinese steelmaker Nanjing Iron and Steel Co. announced that in the January-September period of the current year its operating revenue amounted to RMB 20.934 billion ($3.43 billion), down 16.49 percent year on year, caused by decreases in sales prices and sales volumes of its steel products. In the same period, Nanjing Steel registered a net loss of RMB 27.52 million ($4.51 million), down from a net loss of RMB 481 million ($78.85 million) in January-September 2012.
According to Nanjing Iron and Steel, its reduced net loss in January-September of the current year was mainly due to the reduction in its operating costs.