Steel prices boost in­dus­try gains

China Daily (USA) - - BUSINESS -

China’s steel in­dus­try im­proved its prof­itabil­ity in the first seven months, due to ris­ing steel prices, a lead­ing in­dus­try of­fi­cial said. Although sales rev­enues of 373 steel com­pa­nies fell 11.91 per­cent to 1.5 tril­lion yuan ($225 bil­lion) year-onyear dur­ing the pe­riod, their prof­its hit 16.3 bil­lion yuan, Zhao Pei, sec­re­tary-gen­eral of the Chi­nese So­ci­ety forMe­tals, said at a fo­rum. No com­par­a­tive fig­ure on earn­ings was given. Zhao added, how­ever, that mar­ket de­mand re­mained tepid, with steel con­sump­tion fall­ing 3.6 per­cent year-on-year in July.

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