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China's medium & large steel firms swing to profit in Mar

Apr. 19, 2012 (China Knowledge) - China's medium and large steel companies reaped a profit of RMB 2.48 billion in March this year, after suffering a loss of RMB 2.80 billion in the first two months, according to figures from the China Iron and Steel Association (CISA).

In the first quarter, these medium and large steel firms booked a loss of RMB 1.03 billion, whereas they earned RMB 15.8 billion in the corresponding period of 2011.

These medium and large steel companies saw their gross output climb 0.24% year on year to RMB 785.07 billion in the period but their sales revenue fall 0.95% year on year to RMB 863.89 billion.

The CISA warned that China's apparent consumption of crude steel actually declined in the first quarter, while its crude steel output still remained growth.

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