HomeProduct Complimentary download Chinese steelmakers report losses of US$503 million in first eight months

Chinese steelmakers report losses of US$503 million in first eight months

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Publish time: 17th October, 2012      Source: ChinaCCM
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It's reported that China's major large and medium-sized steelmakers reported combined losses of US$503 million in the first eight months of 2012 on slow demand, higher production costs and overcapacity.

The total sales revenues from major steelmakers declined 6.21% to RMB 2.37 trillion (US$378 million) from same period last year. The steelmakers reported losses of RMB 4.2 billion in August, the worst result of the year so far.

Additional to the report, 21 public steel trading companies reported about 10% drop for stocks in the third quarter.