Combined Profits Of 77 Mills Total US$3.2b
Source: Xinhua |
April 29, 2010, Thursday
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Print Edition
Print Edition
CHINA'S 77 major steel mills saw combined profits of 21.77 billion yuan (US$3.2 billion) in the first quarter, vice chairman of the China Iron and Steel Association said yesterday.
Last year's loss of 2.54 billion yuan for the same period exaggerated the annual figure though. Profits fell from 25.41 billion yuan in the fourth quarter of last year, Luo Bingsheng told reporters at a news briefing.
Combined business revenue totaled 669.5 billion yuan in the first quarter, up 42.54 percent year on year.
Luo said the profitability of steel makers was still low in the first three months because of rising costs of raw materials, including iron ore and coke.
Last year's loss of 2.54 billion yuan for the same period exaggerated the annual figure though. Profits fell from 25.41 billion yuan in the fourth quarter of last year, Luo Bingsheng told reporters at a news briefing.
Combined business revenue totaled 669.5 billion yuan in the first quarter, up 42.54 percent year on year.
Luo said the profitability of steel makers was still low in the first three months because of rising costs of raw materials, including iron ore and coke.
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