Gansu Province-based Chinese steelmaker Hongxing Iron and Steel Co., a subsidiary of Gansu-based Jiuquan Iron and Steel Group (JISCO), has issued its financial results for the first three quarters of this year.
In the given period, Hongxing Iron and Steel achieved an operating revenue of RMB 48.093 billion ($7.71 billion), up 10.12 percent year on year, while its net profit totaled RMB 412 million ($66.03 million), down 69.35 percent compared to the same period of last year.
Meanwhile, according to the figures released by JISCO, in the first three quarters of the year JISCO produced 7.4906 million mt of crude steel and 7.6496 million mt of finished steel, down 2.53 percent and up 1.57 percent year on year. Meanwhile, the group’s pig iron output in the given period amounted to 5.8229 million mt, up 1.56 percent on year-on-year basis.