Larger steel groups com­ing out of the red

China Daily (Canada) - - BUSINESS -

China’s large and medium-sized steel mills re­ported prof­its of 33.15 bil­lion yuan ($4.77 bil­lion) in the first 11 months of 2016, ac­cord­ing to the lat­est re­port of the China Iron and Steel As­so­ci­a­tion. That com­pared to a loss of 52.91 bil­lion yuan in the same pe­riod of 2015, the data showed. Of the 99 steel mills tracked, the av­er­age profit mar­gin stood at 1.28 per­cent in the same pe­riod, the re­port added. 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.

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