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The member mills – which are mainly medium to large-sized steelmakers – recorded a combined profit of 3.266 billion yuan ($532.7 million) in September, up 4.8% compared with 3.1 billion yuan ($505.6 million) in August.

Cisa attributed the profit gain to the increase in investment returns.

During the first three quarters of this year, accumulated profit of the assn’s member mills totalled 11.276 billion yuan ($1.84 billion), reversing losses reported over the same period last year, according to Cisa figures.

Several major Chinese steelmakers including Wuhan Iron & Steel, Anshan Iron & Steel and Shagang have reported improved figures for January-September, as previously reported by Steel First.