Hebei Steel said in its Q3 report that the company has realized operating revenue of CNY 27.932 billion, a rise of 3.56% year on year; net profit attributed to shareholders of listed company of CNY 403.157 billion, up 254.57% compared to the same period last year.

In the first nine months of this year, Hebei Steel had operating revenue of CNY 82.742 billion falling 4.52% from a year earlier; net profit attributed to shareholders of listed company of CNY 117 million down 68.17% year on year.

The company blames the sharp fall in net profit on:

a) expenses increase

b) oversupply continues

c) steel price remains weak