On October 31, Jiangsu Province-based Nanjing Iron and Steel Union Co. (NISCO) issued its financial results for the third quarter of this year. In the third quarter, Nanjing Steel saw an operating revenue of RMB 7.195 billion ($1.14 billion), down 33.79 percent year on year. Meanwhile, in the given quarter it registered a net loss of RMB 584 million ($92.7 million) compared to a net profit of RMB 150 million ($23.8 million) in the third quarter of 2011 and a net profit of RMB 74.95 million ($11.8 million) for the first half of this year.
In the first three quarters, Nanjing Steel achieved an operating revenue of RMB 25.044 billion ($4.0 billion), down 16.63 percent on year-on-year basis, while it suffered a net loss of RMB 509 million ($80.7 million), compared to a net profit of RMB 736 million ($116.8 million) in the same period last year.