Hebei Steel estimates net profit of RMB 36.74-146.90 million for Jan-Sept

Chinese steel producer Hebei Iron and Steel Group has announced its estimated financial results for the first three quarters of the current year.

Accordingly, for the first nine months this year the company has announced an estimated net profit of RMB 36.74-146.90 million ($6.02-24.07 million), down by 60-90 percent as compared to the same period last year.

According to Hebei Steel, the fall in net profit was due to the imbalance between supply and demand and to the ongoing decline in prices of finished steel, especially as the decreases in finished steel prices were greater than the declines recorded in prices of raw materials.