Gloria Material Technology Corporation (GMTC), the first specialty steel manufacturer in Taiwan announced that its third quarter sales revenues totaled NT$2.535 billion, falling by 10.73% from a quarter ago.

In the third quarter, GMTC's gross sale profit rate also dropped to 13.26% from 19.2% in the second quarter.

GMTC stated that the European debt crisis, the appreciated New Taiwanese Dollar and the increased power cost during summer time were all the major factors to cause the company's third quarter sales revenue drop.

For the prospect, GMTC forecasted that its October sales numbers would be the second lowest of this year. However, it expected that the steel prices would bottom out by end of this year.