Shandong Province-based Chinese steelmaker Shandong Iron and Steel Group Co. Ltd has issued its financial results for the third quarter of this year.
Accordingly, in the third quarter Shandong Steel achieved an operating revenue of RMB 17.603 billion ($2.79 billion), down 27.97 percent year on year. Meanwhile, it recorded a net loss of RMB 961 million ($152.5 million) in the given quarter, compared to a net profit of RMB 44 million ($6.98 million) in the third quarter of 2011.
In the first three quarters, Shandong Steel achieved an operating revenue of RMB 57.847 billion ($9.18 billion), down 13.88 percent on year-on-year basis, while it posted a net loss of RMB 1.957 billion ($310.6 million), compared to a net profit of RMB 62 million ($9.8 million) in the same period last year.