According to the Q3 report released by giant Chinese steelmaker Baosteel, the company registered 6.66 percent growth in net profit for the quarter in question compared to the same quarter last year.
In the third quarter of 2009, Baosteel achieved sales revenues of RMB 41.03 billion ($6.01 billion), down RMB 15.33 billion year on year. Meanwhile, the producer's gross profit in the quarter in question came to RMB 4.18 billion ($612.1 million), up RMB 180 million year on year, with its net profit coming to RMB 3.036 billion ($444.58 million), up 6.66 percent compared to the corresponding quarter of 2008.
The company reported total sales revenues of RMB 106.515 billion ($15.6 billion) during the first three quarters this year, down 33.34 percent year on year, while its net profit for this period reached RMB 3.705 billion ($542.54 million), down 69.38 percent.
In its report, Baosteel also estimates that in the current year it will produce 21.41 million mt of pig iron, 23.7 million mt of crude steel, and 22.26 million mt of semis and finished steel combined.