Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that in the first nine months of the current year it registered an operating revenue of RMB 124.842 billion ($17.4 billion), down 7.9 percent year on year, and a net profit of RMB 5.131 billion ($0.71 billion), down 33.9 percent year on year.
The company stated that high raw material prices and slack demand from downstream users contributed to the decline in its net profit in the January-September period.
In the July-September period this year, the company registered an operating revenue of RMB 40.069 billion ($5.6 billion), down 20.46 percent year on year, and a net profit of RMB 1.31 billion ($0.18 billion), decreasing by 40.17 percent year on year.
$1 = RMB 7.1768