Wuhan Iron and Steel Company, the listed arm of Wuhan Iron and Steel (Group) Corp, posted a 76 per cent decline in net profit in the third quarter of this year due to falling sales. The company has been hit by continuing uncertainties in the domestic steel industry against the backdrop of the global economic downturn.

The company’s net profit stood at Rmb547m during the July-September period, and its net profit in the first nine months amounted to Rmb1.05bn. This compares with a net profit in the January-September period last year of Rmb7.17bn.

Wisco’s business revenue was Rmb37.4bn in the first nine months, down from Rmb58.13bn in the same period last year.