Of the 23 Chinese listed steel companies which have announced their financial results for January-September this year, just two companies - Guangzhou Iron and Steel Enterprise Co. and Hunan Province-based Valin Steel - suffered losses, according to China-based media company Phoenix New Media. However, Valin Steel has posted a net profit of RMB 45 million ($7 million) for the third quarter.
Among the other Chinese steel companies, nine recorded year-on-year declines in profit in the January-September period. In particular, Hunan-based Chinese steelmaker Pangang Group Steel Vanadium and Titanium Co. saw the largest decline year on year in net profit - a fall of 99.02 percent - in the given period. The main factors in the decline were given as low steel product prices and increasing raw material prices.