On October 30, Guangxi Province-based Chinese steelmaker Liuzhou Iron and Steel Co. announced that in the first three quarters of the current year its operating revenue amounted to RMB 27.6 billion ($4.51 billion), up 2.83 percent, while it recorded a net loss of RMB 2.57 million ($419,935), down RMB 174 million ($28.43 million), both year on year.
In the third quarter alone, the steel producer achieved a net profit of RMB 81 million ($13.2 million), up RMB 260 million ($42.5 million) on year-on-year basis.
Liuzhou Steel stated that the reduced net loss recorded in the first three quarters was mainly due to reductions in costs.