According to the third quarter report issued by Chinese stainless steel producer Shanxi-based Taigang Stainless Steel, the company's net profit reached RMB 716 million ($104.85 million) in the period in question, up 72.66 percent year on year and up 3,154.55 percent quarter on quarter.
Taigang Stainless Steel registered a loss of RMB 714 million in the first quarter, but then achieved a net profit of RMB 22 million in the second quarter as a result of the recovery of steel prices and product structure adjustment.