On October 31, Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Co. issued its financial results for the third quarter of the current year.
In the third quarter, Xinyu Steel achieved an operating revenue of RMB 9.095 billion ($1.44 billion), down 9.9 percent year on year, while it recorded a net loss of RMB 383 million ($60.8 million) compared to a net profit of RMB 85.5 million ($13.6 million) in the third quarter of 2011.
In the first three quarters, Xinyu Steel achieved an operating revenue of RMB 26.993 billion ($4.28 billion), down 10.16 percent on year-on-year basis, while it posted a net loss of RMB 770 million ($122 million) compared to a net profit of RMB 306 million ($48.6 million) in the same period last year.