Chinese Steelmakers' Profits Plunge in July

BEIJING, Sep. 2 -- The profits were 3.39 billion yuan, or 54.24 percent less than in June.  Some 28 large- and medium-sized steelmakers were in the red in July, 14 more than in June. Steelmakers' losses in July were not a surprise to the industry, as steel prices declined and iron ore cost more. The outlook for domestic steel enterprises is not optimistic for August and the second half of 2010 will be tougher than the first, said Hu Yanping, analyst with Custeel.com said.