On October 27, Chinese stainless steel producer Taiyuan Stainless Steel announced that in the third quarter of the current year it achieved sales revenues of RMB 23.185 billion ($3.47 billion), up 12.95 percent, and a net profit of RMB 181 million ($27.06 million), down 74.74 percent, both on year-on-year basis..
On the other hand, in first nine months of this year, Taiyuan Stainless Steel's sales revenues amounted to RMB 66.604 billion ($9.96 billion), up 34.59 percent year on year, while its net profit reached RMB 991 million ($148.13 million), compared to a net loss of RMB 35.182 million in the same period of 2009.
The company stated that its overall profit increase for the first three quarters was due to rising steel prices and adjustment of its product mix.
US$1 = RMB 6.69