CISA: Chinese steel mills report low profit margin for Q1
Based on actual data released by China Iron and Steel Association (CISA), out of 28 Chinese steel mills, 10 of them experienced deficit in the Q1.
The major Chinese steel mills contributed RMB863.888 billion in the first three months of this year, down by 0.95% year on year.
It is said the gloomy international economy with sluggish demand and continuing high raw material prices have squeezed the profit margin.
The accumulative deficit hit RMB1.034 billion, a sharp plunge compared to profits of RMB15.8 billion in the same period of last year.
News Date 09 May 2012 15:20:09 reported by Mike Lo