SHANGHAI, Nov 2 (SMM)—This is a roundup of news in the steel industry for last week. 

Profit decline across China’s key steel enterprises narrowed sharply

Recently, a total of more than a dozen of listed steel mills in A-shares have released their Q3 reports. Shougang, Anshan Iron and Steel, and Shasteel have doubled their net profits in the third quarter. The sales revenue of key statistical iron and steel enterprises totalled 3.4 trillion yuan from January to September, up 5.44% on the year. Cost of sales totalled 3.1 trillion yuan, up 6.13% on the year, while profits totalled 137.5 billion yuan, down 9.46% on the year. Faced with the pressure of continuous increase in the prices of coke, iron ore and other raw materials, listed steel companies actively responded with measures such as cost reduction and efficiency enhancement, structural adjustment, and strive to achieve growth in annual performance.

Linfen planned to eliminate excess capacity of 5.44 million mt

The city of Linfen, located at Shanxi province has planned to reduce excess capacity of 5.44 million mt in the coking industry by the end of October, 2020. This involved shutdown of 4 coke ovens in Xiangning county:  Jiucheng Coking, Yongchangyuan Coking, Hongqiang Coking and Longshui Coking North, each of capacity 600,000 mt.

Fixed asset investment in Xiongan rose by 16.6 times year on year in the first three quarters

Hebei announced more new projects in Xiongan New District on October 27. The fixed asset investment completed in Xiongan New District increased by 16.6 times year on year, stimulating the investment in whole province up 3.3%.

For more information on the steel industry, please refer to our China Steel Briefing.