According to its report issued on October 20, in the first nine months of the current year Liaoning Province-based Chinese steelmaker Lingyuan Iron and Steel Co.'s sales revenues totaled RMB 9.493 billion ($1.43 billion), up 38.4 percent year on year, while its net profit amounted to RMB 455 million ($68.32 million), up 116.54 percent year on year. Meanwhile, in the third quarter this year Lingyuan Steel's total sales revenues were RMB 3.985 billion ($0.598 billion), up 63.67 percent, and its net profit came to RMB 181 million ($2.17 million), down 22.97 percent - both on year-on-year basis.
Lingyuan Steel stated that while its steel sales volume and prices increased in the first nine months of the year, the prices of raw materials also increased.