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China. Profits of 77 major steelmakers down 40% |
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Inserted on 27 07 2010 by staff. EN - International news Site URL : www.capitalvue.com
China. Profits Of 77 Major Steelmakers Down 40%.
A total of 77 major steelmakers recorded profits of 6.25 billion yuan in June, a decrease of 40 percent month-on-month, reports 163.com, citing an insider from the China Iron and Steel Industry Association.
Cumulative profits earned by the 77 steelmakers increased 21.22 times year-on-year in the first half of 2010 to 50.72 billion yuan.
According to an insider, the profitability of the steel industry as a whole is declining dramatically. The insider added that the situation might be worse in July and August due to falling steel prices.
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