Taigang Stainless Reported Its Third-Quarter Net Profits Dropped by 64.6%

According to report, China's largest stainless steelmaker, Shanxi Taigang Stainless Steel, reported its third-quarter net profits dropped by 64.6% year-on-year to RMB 112.1 million. Its revenue rose 4.9% to RMB 28.6 billion in the third quarter but operating cost also increased by 6% from same period last year to RMB 28.5 billion. Its net profits dropped by 34.7% year-on-year to RMB 445.4 million for the first nine months of this year. The company also reported in August that its first half year profit dropped 8.8% from result of the first half of 2012 due to slower demand growth for domestic market as well as high production costs and lower prices. Taigang's target stainless production for this year is 3.4 million tons with both half for ferritic and austenitic grades. It has produced 4.82 million tons of stainless and carbon steel for the first half year and planned to produce 11 million tons of stainless and carbon steel in 2013.