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29 Steel Firms Post US$762m In Losses

TWENTY-NINE large and medium Chinese steel producers posted 5.18 billion yuan (US$762.46 million) in aggregate losses in the first four months, the China Iron and Steel Association said in Beijing yesterday.

The producers were among 72 surveyed by the CISA, the association's vice chairman, Luo Bingsheng, said.

The 72 companies reported 575.59 billion yuan in revenue, down 18.9 percent from a year ago, and paid 15.42 billion yuan in taxes, down 85.07 percent year on year, Luo said. Losses were mainly caused by slumping domestic steel prices, according to Luo.

Many firms have cut costs, and the output cost of steel dropped 13.75 percent in the first quarter, he said.


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