Wuhan Iron & Steel Q3 Net Profit Drops 53%

Wuhan Iron & Steel Co reported a 53% drop in its third-quarter net profit. Its quarterly net profit fell to 193.03 million yuan ($30.9 million), from CNY413.43 million, in the year-ago period. Its revenue dropped 16% to CNY21.91 billion, versus CNY25.97 billion.