Anhui Province-based Chinese steelmaker Masteel has announced that in the first nine months this year it registered an operating revenue of RMB 57.58 billion ($8.2 billion), down 8.77 percent year on year, and a net profit of RMB 1.46 billion ($0.21 billion), declining by 73.77 percent year on year.
Masteel stated that the rise in crude steel output in China, the decline in steel prices and increases in raw material prices exerted a negative impact on Masteel’s net profit in the given period.