Mills Post Financial Results

Daye Special Steel, a producer of alloy wire rod, forged steel and bright steel, posted a net profit of 122 million yuan and basic earnings per share of 0.27 yuan for the quarter ended September 30, an increase of 30 percent to 40 percent from a year earlier.

Its 9-month net profits totaled 415 million yuan and basic earnings were 0.92 yuan per share, up 100 percent to 150 percent.

Meanwhile, Taiyuan Iron and Steel forecast a net profit of between 174 million to 192 million yuan in the third quarter, down more than 70 percent from a year earlier.

Its profits in the first nine months were 0.99 billion to 1.00 billion yuan, up 2,700 percent to 2,750 percent.

Attributable net profits in Lingyuan Steel were expected to double in the first three quarters thanks to higher sales prices. Baosteel estimated that its net profits would soar 170 percent to 190 percent from the same period last year.