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August 3, 2009

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Home » Business » Energy

Crude steel production to exceed 500m tons

CHINA'S crude steel output will top 500 million tons this year, Luo Bingsheng, vice chairman of China Iron and Steel Association, said last Saturday.

In the first half of this year, China made 266.58 million tons of crude steel, up 1.23 percent over the same period last year. In June alone, the daily output was about 1.65 million tons on average.

Compared with an increasing production capacity, the country's steel enterprises saw a decline in profits and revenues in the first six months amid low steel prices as a result of weakened demand.

The total revenue of 71 of China's large-scale steel producers dropped 28.07 percent year on year to 955 billion yuan (US$139.82 billion) in the first six months, according to official data. Their net profit plunged 98.32 percent to 1.73 billion yuan.

China produced 500 million tons of crude steel last year, or 38 percent of the world's total production volume.


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