As steel price slid, China Iron & Steel Association (CISA) reported that the profit of China’s steel industries in July dropped to RMB2.86 billion by 54 percent from last month and even by 73 percent year-on-year.
Also, CISA said that 28 steelmakers reported the loss in July, and the number doubled than that of June.
However, China’s Baosteel kept strong profitability in July with RMB 1.93 billion profit accounting for 70 percent of the profit of the nationwide steel industries.
News Date 9/1/2010 4:06:22 PM reported by Kan Li |
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