Lingyuan Iron & Steel Co. announces Q3 profit

Lingyuan Iron & Steel Co. announces Q3 profit

Chinese steelmaker Lingyuan Iron & Steel Company has announced its profit as Yuan 139 million (around $16.8 million) for the third quarter of 2003, up by 28.9% compared to the same period last year. Company also reported its turnover as Yuan 907 million (around $109.6 million) for the same period. The company which is located in Liaoning province, northeast China, has reported a profit of Yuan 413 million in the first nine months of 2003 with a 127.1% increase compared to corresponding period of 2002. Moreover, sales rose by 37.4% to Yuan 2.6 billion. The production of crude steel reached 1.07 million tons in the first nine months of 2003 while pig iron and rolled steel products were 990'000 tons and 1.05 million tons respectively.