On October 20, Anhui Province-based Chinese steelmaker Masteel announced that in the first three quarters of the current year it earned revenues totaling RMB 66.346 billion ($10.432 billion), up by 36.31 percent year on year with the support of higher steel prices.
Meanwhile, Masteel achieved a net profit of RMB 325 million ($51.1 million) for the first three quarters, decreasing by 68.92 percent year on year. In the third quarter of the year, Masteel saw a net profit of RMB 1.4605 million ($0.23 million), up 381 percent as compared to the third quarter of 2010.