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China's medium & large steel firms see RMB 2.4 bln loss in Sep

Nov. 15, 2012 (China Knowledge) - China's medium and large steel companies reaped a loss of RMB 2.38 billion in September this year, compared with a net loss of RMB 4.2 billion in the same period of last year, according to figures from the China Iron and Steel Association (CISA).

In the first nine months, these medium and large steel firms booked a loss of RMB 5.53 billion, whereas they earned RMB 83.69 billion in the corresponding period of 2011.

These medium and large steel companies saw their sales revenue for the nine-month period fall 6.49% from a year earlier to RMB 2.66 trillion.

According to statistic released by the National Bureau of Statistics, China produced 502.78 million metric tons of pig iron in the first nine months, reflecting a YoY increase of 2.7%, while its output of crude steel and steel products rose 1.7% and 5.7% YoY to 542.34 million metric tons and 708.28 million metric tons, respectively.

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