Chinese profits remain weak

China’s large and midsize steelmakers made RMB 2.267bn ($37.16M) in profit in the first half 2013, up 2.69% from a year earlier.

Statistics from China Iron and Steel Association (CISA) showed 36.5% of the country’s major steelmakers were in the red in June. And the statistics did not cover all the money-losing steelworks in China.

Altogether 17 listed steelmakers released guidance or financial results for the first half year, ten of which expect their interim performance to be worse than a year earlier.

Source: China Metals e-mail chinametal@xinhua.org