Chinese steel giant Hebei Steel posted a net loss of RMB26.08 million for the third quarter, in comparison of a net profit of RMB310 million.
In the third quarter, the company's sales revenues totaled RMB26.971 billion, decreasing by 26.88% year on year.
In the first three quarters of this year, the firm realized net profits of RMB367 million, slumping by 71.69% year on year.
In the given period of time, the company's sales revenues totaled RMB86.659 billion, dropping by 19.59% year on year.
Hebei Steel stated that the slumped sales revenues and profits were caused by decreased selling prices and lower sales volumes.