Wuhan Steel net profits slide 18%
China's third largest steelmaker, Wuhan Iron & Steel Corporation (Wuhan Steel), announced a 18-percent year-on-year drop in its third quarter net profits due to consecutive monthly price cuts.
According to the announcement, Wuhan Steel's net profit fell by RMB 250 million ($30.9 million) year-on-year to RMB 1.35 billion ($166.9 million) in the third quarter ended September 30.
The company has cut its prices several times in the past months due to the weak state of
China's steel market. The company anticipates a bleak fourth quarter, which may bring a major year-on-year decline in full year profits.