Summary Profits of Key Steel Enterprises in the First Half of the Year Reach 33.9 Billion Yuan"

According to the Eighth Council (Expanded) Meeting of the Sixth Session of the China Iron and Steel Association, in the first half of the year, the aggregate profits of key enterprises showed a monthly increase, but the profitability level remained low. The total operating revenue of key steel enterprises in the first half of the year reached 3.09 trillion yuan, down 3.6% year-on-year; operating costs amounted to 2.93 trillion yuan, down 3.5% year-on-year; total profits were 33.9 billion yuan, a decrease of 6.7% year-on-year; and the average sales profit rate was 1.1%, down 0.03 percentage points year-on-year. By the end of June, both funds occupied by inventories and accounts receivable maintained a year-on-year decline, indicating that steel enterprises have achieved positive results in adhering to the principles of "production determined by sales, production determined by efficiency, and sales determined by cash flow.