China Eliminates 31.70 Mln Tonnes of Crude Steel Capacities in January-April

SHANGHAI, May (24) – China has clapped down 31.70 million tonnes of crude steel capacities as of late April, accounting for 63.4% of overall capacity cut target at 50 million tonnes. Besides, China requires eliminating all “Ditiao Steel” across the regions in the country by June 30. “Ditiao Steel” is a Chinese name for low-quality steel produced in intermediate frequency furnace with steel scrap as raw material, as well as rolled steel products produced with such steel as raw material.  

Enterprises of China Iron and Steel Association (CISA) reported 839.33 billion yuan of revenue in the first quarter of 2017, up 38.1% YoY, resulting in a profit at 23.28 billion yuan, while those enterprises posted losses at 8.63 billion yuan in the same period of last year. Debt ratio at those enterprises declined 1.1 percentage point YoY to 70.0% in late March 2017.

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