China Steel's Q3 profit down year on year

China Steel’s Q3 profit down year on year

Taiwanese sheet and plate producer China Steel Corporation recently released its production, sales and income figures for September 2005 and the third quarter. China Steel produced 769'162 metric tons of steel in September. The company's total production for the first nine months reached 7'315'436 metric tons. The company's sales for September were 787'352 metric tons. Exports comprised 174'833 metric tons of that figure. The company's total net profits in the third quarter reached NT$13.14 billion ($390 million), down approximately 10 percent year on year. The company had announced price cuts of around 9 percent for the fourth quarter; therefore, the company's earnings may decrease further in the fourth quarter.