Guangxi Zhuang Autonomous Region-based Chinese steelmaker Liuzhou Iron and Steel Co. (Liuzhou Steel) has announced an operating revenue of RMB 29.92 billion ($4.51 billion) for the first nine months this year, up 60.64 percent year on year, and a net profit of RMB 1.255 billion ($0.19 billion), indicating a sharp rise compared to the net profit of RMB 124 million recorded in the same period last year.
Liuzhou Steel stated that the elimination of low-grade construction steel capacity contributed to the rising trend of finished steel prices in the first nine months of the year. Meanwhile, the company improved its management and reduced its costs, resulting in its better performance in the given period.