Hunan Province-based Chinese steelmaker Valin Group third quarter this year earned a net profit of CNY 44.87 million while in the first three quarters of the year it recorded a net loss of CNY 174 million. However, as compared to the first three quarters of last year, the company has achieved its goal of significantly reducing its losses and has come close to breaking even.

Valin Group recorded a net loss of CNY 2.54 billion in 2010, mainly due to the net loss of CNY 2.67 billion incurred by its subsidiary Valin Lianyuan Iron & Steel Co. However, in the first 11 months of this year LY Steel has cut its costs by about CNY 690 million.

(Sourced from SteelOrbis)
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