Valin Group posts net loss of RMB 174 million for Jan-Sept

Hunan Province-based Chinese steelmaker Valin Group has announced that in the third quarter this year it earned a net profit of RMB 44.87 million ($7.1 million), while in the first three quarters of the year it recorded a net loss of RMB 174 million ($27.53 million). However, as compared to the first three quarters of last year, the company has achieved its goal of significantly reducing its losses and has come close to breaking even.
 
Valin Group recorded a net loss of RMB 2.54 billion ($402 million) in 2010, mainly due to the net loss of RMB 2.67 billion ($422 million) incurred by its subsidiary Valin Lianyuan Iron & Steel Co. (LY Steel). However, in the first 11 months of this year LY Steel has cut its costs by about RMB 690 million ($109.18 million).