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Home > News > Raw Materials > Chinese steel sector sees net loss of RMB 1.97 billion in January to November

Chinese steel sector sees net loss of RMB 1.97 billion in January to November

By Unknown , 2013-01-09 12:00:00

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The China Iron and Steel Association has stated that in the January to November period of 2012 the aggregate net loss of large and medium sized steel enterprises in China totaled CNY 1.97 billion (USD 313 million). Meanwhile, in the given period, total sales revenues of the steel enterprises in question was CNY 3.244 trillion (USD 516 billion), down 5.37% YoY while their pre tax profits amounted to CNY 66 billion (USD 10 billion), decreasing by CNY 5.773 billion (USD 918 million) on year on year basis.

Despite improved operating conditions in the Chinese steel sector in October and November, two thirds of domestic large and medium sized steel enterprises still posted a net loss in 2012 up to the end of November, as stated by Wang Qinghai, president of CISA and of Shougang Group, at a meeting of directors of the CISA.

 

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