On October 28, Guangxi Province-based Chinese steelmaker Liuzhou Iron and Steel Co., Ltd. (Liuzhou Steel) issued its financial report for the July-September period this year, announcing an operating revenue of RMB 17.268 billion ($2.4 billion), down 29.7 percent year on year, and a net loss of RMB 1.634 billion ($0.23 billion), shifting from a net profit of RMB 416 million in the third quarter last year.
In the January-September period this year, Liuzhou Steel registered an operating revenue of RMB 62.361 billion ($8.7 billion), down 4.91 percent year on year, and a net loss of RMB 2.591 billion ($0.36 billion), shifting from a net profit of RMB 2.303 billion in the same period last year.
The company said that the decreases in finished steel prices and rises in raw material prices contributed to its net loss in the first nine months this year.