Major Chinese Steel Companies See Strong Nov Profits

Resource from: CBCC Likes:226

Jan 16,2013

It is reported that China's 80 largest steel makers generated a profit of CNY 3.28 billion in November. But oversupply and a string of unprofitable months caused their revenue for the year to remain in the red up to that month. Statistics from the China Iron and Steel Association showed that major Chinese steel firms returned to reporting profits in November after bringing a 4 month series of losses to an end a month earlier. Major steel companies see strong Nov profits. A steel bar factory in Ganyu county Jiangsu province. In the first 11 months of 2012, China's 80 major steel makers posted a loss of CNY 1.97 billion according to the China Iron and Steel Association. Mr Wang Qinghai, chairman of the association, said during a meeting on January 12th 2013 said that “In the first 11 months of last year the 80 major steel makers posted a loss of CNY 1.97 billion.” Chinese steel makers made meager profits in March, April and May and reported losses in the following months only improving their performance in the Q4. Mr Wang said that “Throughout 2012 Chinese steel makers' capital chain continued to worsen as financing costs increased.” He said that “From January to November members of the China Iron and Steel Association saw their revenue fall by 5.37% YoY while their loans increased by 6.58% and their financial costs by 24.38%.” He added that "The asset to liability ratio of the member companies had increased by about 1.64% points YoY to 68.67% by the end of November.”

(CBCC)

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