On October 23, Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group issued its financial results for the third quarter and the first three quarters of this year.
In the third quarter, Hebei Iron and Steel Group registered a net loss of RMB 26.08 million ($4.13 million), compared to a net profit of RMB 310 million in the same quarter of last year; while its operating revenue totaled RMB 26.97 billion ($4.28 billion), indicating a decrease of 27 percent year on year.
In the first three quarters, the company achieved a net profit of RMB 367 million ($58.18 million), down 71.69 percent on year-on-year basis. Meanwhile, in the given period, its operating revenue totaled RMB 86.659 billion ($13.74 billion), indicating a decrease of 19.59 percent year on year.
The company stated that the third quarter of this year witnessed the company's first net loss since the fourth quarter of 2008. For the purpose of improving financial structure, repaying its debts and supplementing working capital, the group planned to issue corporate bonds less than RMB5 billion ($793 million).