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CISA: losses of Chinese steel industry surge by 23 fold
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The oversupply of steel products has hit the Chinese steelmakers’ profit margins and has caused the imported iron ore pile up at the main ports in China, according to report of the China Iron and Steel Association (CISA).
As a result, the Chinese steel industry has faced a loss for the first quarter of this year.
In the first two months of this year, 41.2% of the Chinese steel enterprises posted losses with the total amounted of RMB7.37 billion, reflecting a 23 fold slump from the previous year.
News Date
6/25/2012 1:06:27 PM
reported by
Margaret Yeh
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