Beijing Shougang Co. Ltd. on Oct. 17 posted a yearly drop of 12% for its third-quarter net profit attributable to shareholders, to 716.3 million Chinese yuan.

EPS during the period also fell by 12%, to 13.54 fen per share.

The company said its operating revenues for the three months ended September saw a year over year growth of 6.5%, to 16.92 billion yuan.

For the first nine months, Beijing Shougang saw its net profit rise by 21.5% year over year to 2.14 billion yuan and EPS reach 40.47 fen per share.

Meanwhile, the company said in another same-day filing that it has reached a joint venture agreement with another three parties to set up a company to produce electrical steel components used in electric vehicles.

A total of 950 million yuan will be utilized to set up the joint venture company.

Under the agreement, Beijing Shougang will invest 450 million yuan and hold a 47.4% stake in the joint venture and Beijing Shouxin Jinyuan Management Consulting Center (L.P.), a buyout fund targeting core component suppliers in the new-energy vehicle industry, will own 31.6%. Shougang Group Co. Ltd., Beijing Shougang's controlling shareholder, and Qian'an Jingji Equity Investment Fund will each own 10.5%.

As of Oct. 17, US$1 was equivalent to 6.93 Chinese yuan.