Chinese steel companies out of the red in Jan-Nov 2016
Source: China Daily Citation: Xinhua Date: January 4, 2017
BEIJING - China`s large and medium-sized steel mills reported profits of 33.15 billion yuan (about $4.77 billion) in the first eleven months of 2016, according to the latest report of the China Iron and Steel Association (CISA).
That compared to a loss of 52.91 billion yuan in the same period of 2015, CISA data showed.
Of the 99 steel mills tracked by CISA, the average profit margin stood at 1.28 percent in the said period, said the CISA report.
China`s manufacturing sector continues to expand, with the official manufacturing PMI, which surveys larger companies, standing at 51.4 in December, lower than the 51.7 in November but above the boom-bust line of 50 for the fifth straight month.
The steel industry still has a long way to go to increase profit margins, said Li Xinchuang, CISA vice-president, adding that this year the industry will continue to cut excessive and outdated capacity.
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19th anniversary of CHINA MINING with us. For more information about CHINA MINING 2017, please visit: m.balanzskin.com.
