Steelmakers Posts Meager Profit in China
OREANDA-NEWS. June 13, 2012. China medium and large key steelmakers posted an aggregate profit of 1.79 billion yuan in April, a staggering reduction of 96.65 percent year-on-year.
They achieved sales revenue of 316.66 billion yuan, down 0.8 percent. 17 mills incurred a total of 1.96 billion yuan in loss.
As there is a time delay in the movement of raw material costs, which has fallen in tandem with steel prices, the industry may again experience operational losses as a whole starting June.