| China's largest steelmakers triple profit |
SHANGHAI, June 22 -- CHINA'S 77 biggest steelmakers tripled their profit in the first four months this year, the China Securities News reported, citing China Iron and Steel Association Vice Chairman Luo Bingsheng.
Aggregate profits rose 202 percent to 48.6 billion yuan (US$6.4 billion) in the first four months from a year ago, the report said. Total sales in the January to April period rose 37 percent to 584.7 billion yuan, it said.
Production costs at the mills rose 6.8 percent in January-April from a year ago, with average iron ore prices rising 16 percent, the report said.
So-called higher-value products, including cold-rolled sheets, galvanized sheets, color-coated steel and silicon steel, accounted for 11 percent of China's steel output in the first five months, up 1.6 percentage points from a year ago, the report said.
|
|
