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China Oriental Group Posts 26% Profit Slide in Third Quarter

Investing.com - Iron and steel producer China Oriental Group Co Ltd (HK:0581) reported Monday a 26% drop year-on-year in its operating profit for its third quarter.

The company’s shares fell 1.39% to HK$6.39 on Tuesday morning after the announcement.

The Hong Kong-based firm’s operating profit slid from RMB2.3 billion in the third quarter last year to RMB1.7 billion in the same period this year. Its sales volume also went down 10%, from 2.9 million tonnes of steel products in the third quarter in 2017 to only 2.6 million tonnes over the same period this year.

In view of the air pollution in Beijing, Tianjin, Hebei and surrounding regions, the company also announced its compliance to a policy in China that limits its ironmaking production capacity by 837,700 tonnes from the start of October this year to the end of March next year.

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