Masteel Q3 Profit Plunges on Soaring Fuel Costs

Masteel reported a net profit of 3.04 million yuan in the third quarter, compared with 802 million a year earlier. Its operating revenue was 17 billion yuan, up 17.99 percent, and earnings per share were 0.04 yuan, versus 0.10 yuan a year before.

The company produced 3.84 million tons of pig iron, up 3.23 percent; 4.07 million tons of crude steel, up 3.56 percent and 3.8 million tons of finished steel, up 0.8 percent.