According to its recently issued financial report, in the first nine months of the current year major Chinese steel producer Hebei Iron and Steel Group realized a year-on-year growth of 207.37 percent in its net profit, which reached RMB 1.03 billion ($154 million). In the third quarter, the company's net profit was RMB 310 million ($46 million), rising by 15.70 percent compared to the same period of 2009.
Hebei Iron and Steel Group's financial report indicated that in the third quarter the company's operating income amounted to RMB 29.7 billion ($4.45 billion), up 21.32 percent year on year, which was 43.43 percent lower than the year-on-year increase rate in the first half of 2010.