Chinese Steel Firms Post CNY 1.262 billion Profit in May

BEIJING, June 30 -- Authority from CISA reported that Chinese 89 large and medium sized steel mills realized profit of CNY 1.262 billion in total in May of this, CNY 1.036 billion was earned by the CISA's 71 member units.

    However, there are still 25 steel mills or 28.1% of China's total large and-medium scaled mills reporting loss, which posts at CNY 1.816 billion down CNY 1.286 billion from April.

    Meanwhile, China's steel industry still mired in loss in the first five months of this year with total deficit posting at CNY 3.886 billion, versus the profit of CNY 86.5 billion gained in the same period of last year.

    Steel firms in China have recorded their first month on month loss of CNY 5.8 billion in last October and the figure widens to CNY 47.6 billion in the fourth quarter of last year, sending the profit margin for the sector in 2008 down 41% from the year before.

    (Source: China Securities Journal)