According to Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel), in the January-September period of the current year its net profit reached RMB 19.92 million ($3.14 million), rising by 87.86 percent from a year ago. In the third quarter, Chongqing Steel achieved a net profit of RMB 5.8 million ($914,826), up 71.87 percent year on year.
Meanwhile, for the first nine months of the current year the steel producer recorded an operating income of RMB 19.38 billion ($3.057 billion), indicating an increase of 72.5 percent year on year.
Commenting on its results, Chonqqing Steel stated that, due to its expanded production after relocation, both its operating income and costs have increased on year-on-year basis.