According to the data of China Iron & Steel Association (CISA), Chinese steel industry faced big losses in the first quarter due to high raw material costs and slow demand.
Chinese steel mills' total losses were about RMB 2.8 billion in the first two months of this year. However, there is no data for the first three months.
Meanwhile, this is the first time that the steel industry hurt by the losses since the 21st century.
One major steelmaker, Angang Steel said it expected to post a net loss of RMB 1.888 billion for the first quarter after 2.16 billion in 2011