Steel in­dus­try hit by tough first quar­ter

China Daily (Canada) - - NEWSCAPSULE -

More than 45 per­cent of China’s steel com­pa­nies re­ported first- quar­ter losses be­cause of over­ca­pac­ity, ex­cess sup­ply and sag­ging prices.

To­tal losses stood at 2.33 bil­lion yuan ($380 mil­lion) against al­most 8 bil­lion yuan of prof­its in the same pe­riod last year, ac­cord­ing to Mon­day’s re­port by the China Iron and Steel As­so­ci­a­tion (CISA).

“The first quar­ter of 2014 was the most dif­fi­cult quar­ter since the start of the century,” said CISA vice-pres­i­dent Zhang Changfu at a press con­fer­ence in Bei­jing.

At the end of March, in­ven­to­ries amounted to 19.4 mil­lion tons, an in­crease of 43.5 per­cent on the start of the year.

PHOTO BY XIN­HUA

Mod­els show cre­ations of grad­u­ates dur­ing China Grad­u­ate Fash­ion Week in Bei­jing.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.