Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., a subsidiary of Taiyuan Iron and Steel (Group) Co., has issued its financial results for the third quarter of this year.
In the third quarter, Taigang Stainless Steel achieved an operating revenue of RMB 27.296 billion ($4.3 billion), up 9.36 percent year on year, while it registered a net profit of RMB 317 million ($50.3 million), down 22.29 percent on year-on-year basis. Meanwhile, in the first three quarters Taigang Stainless Steel achieved an operating revenue of RMB 77.438 billion ($12.3 billion), up 9.38 percent year on year. The company posted a net profit of RMB 683 million ($108.4 million) in the given period, down 45.23 percent year on year.