Shanxi Province based Chinese steelmaker Shanxi Taigang Stainless Steel Corporation

Shanxi Province based Chinese steelmaker Shanxi Taigang Stainless Steel Corporation Shanxi Province based Chinese steelmaker Shanxi Taigang Stainless Steel Corporation has announced that in the third quarter of the current year it recorded net profits of around CNY 175 to CNY 192 million, down by 73.13% to 75.58% as compared to the corresponding period of 2009, with earnings per share in the range of about CNY 0.031 to CNY 0.034.

Meanwhile, in the January to September 2010 period, the steelmaker's net profit reached approximately CNY 985 to CNY 1,003 million, up by 27% to 27.5% as compared to the corresponding period of 2009, with earnings per share for the period in the range of about CNY 0.173 to CNY 0.176.

Shanxi Taigang Stainless Steel said that the steel market recovered in the January to September 2010 period, with product sale prices and profits improving as compared to 2009. However, it added around that steel prices decreased in Q3, while costs remained high. Accordingly, the company's performance in Q3 indicated a YoY decline.