EXCLUSIVE: Chinese steel mill profits drop 32.3% annually in January-August

China’s steel mills posted a fall in profits in the first eight months of the year on weakening steel prices and costly raw materials.

Profit in the country’s steelmaking industry totaled 179.94 billion yuan ($25.17 billion) in January-August 2019, down by 32.3% year on year and deepening the drop in the month prior of 26.4% on an annual basis, according to the National Bureau of Statistics. Most of the steel mills listed by the NBS have not released financial reports for the first three quarters. But their half-year reports show falling profits for most of them, Wang Guoqing, research director at domestic steel consultancy Lange Steel Information Research Center, said. The gross profit of 35 listed mills observed by her company totaled 32.81 billion yuan over the first half year, down 38.2% from the year prior, with over 70% of them posting losses. Of all the steel mills listed on China’s stock markets,...

Published

Miranda Song

October 11, 2019

15:11 GMT

Shanghai