SteelOrbis Shanghai
Due to decreased market demand as well as inventory pressure, steel prices have slumped sharply, leading to an obvious fall in the third quarter earnings of several Chinese steel companies, compared to the previous quarter.
Laiwu Steel achieved a net profit of RMB 225 million ($33 million) in the third quarter, down 26.28 percent year on year and down nearly 40 percent quarter on quarter.
Meanwhile, Bayi Steel registered a net profit of RMB 104 million ($15 million) in the third quarter, a decrease of almost 64 percent compared with the second quarter.
Finally, Magang's third quarter net profit reached RMB 787 million ($115 million), down 47.36 percent from the previous quarter.