Jiangsu province-based Chinese steelmaker Nanjing Iron and Steel Co., Ltd (Nanjing Steel) has announced that it registered an operating revenue of RMB 52.645 billion ($7.31 billion) in the first nine months this year, down 11.99 percent year on year, while its posted a net profit of RMB 2.077 billion ($0.3 billion), down 43.02 percent year on year.
In particular, Nanjing Steel registered an operating revenue of RMB 17.05 billion ($2.4 billion) in the July-September period of the current year, decreasing by 17.97 percent year on year, while recording a net profit of RMB 512 million ($71.1 million) in the given period, down 58.33 percent year on year.
In the first nine months this year, the China Steel Prices index (CSPI) declined by 11.42 percent year on year, while the average sales prices of Nanjing Steel’s finished steel rose by 2.38 percent year on year, signaling its competitiveness in the steel market.