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25/10/2010 00:00 AST
Beijing Business Daily reported that the profitability of China steel mills has been catching the eyeball of the world since they were attached with a label as the least profitable makers among the brethren of the world in steel industry.
Mr Luo Bingsheng Vice President of CISA said domestic steel makers profitability has turned better but on the whole is still at a low level.
As learned, 77 steel members of CISA brought profit of CNY 57.92 billion in the first eight months of this year up by 131.53%YoY. But the sales margins of large and medium sized makers in the period were only 2.92%, lower than the averaged China's industry level.
He said that under the double pressure of low hovering domestic steel market and the rising cost, steel mills' rooms for returns were greatly squeezed.
Since May, domestic large and medium sized steel makers basically eyed MoM slide in returns. He added that "In August, among the 77 members, 12 suffered losses of a total of CNY 1.06 billion. Steel makers are facing stark situation generally."
Steelguru
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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Financial Information Co.
Saudi Arabia