Bloomberg reported that Wuhan Iron & Steel Co the publicly traded unit of China fourth biggest mill Q3 profit gained 24% as it increased output and prices rose.

Wuhan Hubei province based company said today in a statement to the Shanghai stock exchange net income for the three months ended September 30 increased to CNY 413.4 million or CNY 0.04 per share from a revised CNY 332.6 million or CNY 0.035 a share a year ago. Sales advanced to CNY 26 billion from CNY 21.5 billion.

Wuhan Steel boosted sales to automobile and appliance makers after it started production from a new cold rolling plant in June 2010. It also completed the acquisition of 77.6% of Echeng Iron & Steel Group from its parent in April increasing steel output.

The company said the shares advanced 2.1% to close at CNY 3.36 in Shanghai compared with a 2.3% gain on the benchmark Shanghai Composite Index. Wuhan nine-month profit climbed 16% to CNY 1.64 billion from a year ago.

According to researcher Beijing Antaike Information Development Co the average Chinese prices of hot-rolled coil a benchmark product gained 15% to CNY 4,803 per tonne in the third quarter from a year ago.

(Sourced from Bloomberg)