Chinese steelmakers’ profits shrank again in May

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Publish time: 3rd July, 2012      Source: ChinaCCM
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  According to the up-to-date news released by CISA, Chinese registered steelmakers' overall sales income reached 310.158 billion yuan in May of 2012, decreasing by 2.05% compared to previous month. However, the actual profit just came to 1.403 billion yuan, down 21.66% from prior month.

On the other hand, in January to May of this year, the aggregate profits for Chinese registered steelmakers stood at 2.533 billion yuan, slumping by 94.26% year over year.

Obviously, China's steel industry has encountered formidable challenges owing to the oversupplied market situations and desolate transaction deals from final customers. Consequently, many steelmakers have decided to pour their funds into other more profitable sectors instead of the traditional steel industry.