Larger steel groups coming out of the red
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.