Shanxi Province-based Chinese steelmaker Shanxi Taigang Stainless Steel Corporation has announced that in the third quarter of the current year it recorded net profits of around RMB 175-192 million ($26.3-28.9 million), down 73.13-75.58 percent compared to the corresponding period of 2009, with earnings per share in the range of about RMB 0.031-0.034 ($0.0047-0.0058).
Meanwhile, in the January-September period of this year the steelmaker's net profit reached approximately RMB 985-1,003 million ($148-151 million), up 27-27.5 percent compared to the corresponding period of 2009, with earnings per share for the period in the range of about RMB 0.173-0.176 ($0.026-0.0265).
Commenting on its results, Shanxi Taigang Stainless Steel said that the steel market recovered in the January-September period of this year, with product sale prices and profits improving as compared to 2009. However, it added that steel prices decreased in Q3, while costs remained high. Accordingly, the company's performance in Q3 indicated a year-on-year decline.