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Chinese major steel producers report losses in first 4 months |
| WRITER |
administrator |
DATE |
2009-05-25 07:59:17 |
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Chinese major steel producers report losses in first 4 months
24 May 2009
Xinhua quoted the China Iron and Steel Association said 29 large and medium-sized Chinese steel producers reported CNY 5.18 billion in aggregate losses in the first four months.
Mr Luo Bingsheng the association's vice chairman said the 29 producers were among 72 surveyed by CISA. He said that the 72 companies reported CNY 575.59 billion in revenue down by 18.9%YoY. They paid CNY 15.42 billion in taxes down 85.07%YoY.
Mr Luo said losses were mainly caused by slumping domestic steel prices. He said that many producers have cut costs, and the production cost of steel dropped 13.75% in the first quarter.
Resourced from Xinhua |
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