Jiangxi Province-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel) has announced that in the January-September period of the current year it recorded an operating revenue of RMB 6.314 billion ($0.99 billion), down 27.7 percent year on year, with a net profit of RMB 160 million ($25.2 million), down 63.61 percent year on year.
Fangda Special Steel stated that its wholly-owned subsidiary company Liaoning Province-based Tongda Tiexuan Co. (Tongda Tiexuan) incurred a net loss in the January-September period this year compared to a net profit in the January-September last year. In addition, the ongoing declining trend in finished steel prices in China has reduced Fangda Special Steel’s profitability