Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd (Taigang Stainless Steel) has issued its financial report for the January-September period this year, stating that its operating revenue amounted to RMB 68.004 billion ($9.6 billion) in the given period, down 9.67 percent year on year, while it recorded a net profit of RMB 568 million ($80 million), compared to a net loss of RMB 981 million recorded in the same period of last year.
In the July-September quarter this year, Taigang Stainless Steel has registered an operating revenue of RMB 22.04 billion ($3.1 billion), down 13.82 percent year on year, while posting a net profit of RMB 175 million ($24.6 million) in the given period, compared to the net loss of RMB 693 million recorded in the same period of last year.
Since the beginning of this year, facing a severe and complex market situation, Taigang Stainless Steel has undertaken reform and innovation as its driving force, intensified its research and development of high-end, precise and special products, which enhanced its business performance and contributed to the improvement in its results for the first nine months this year.