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Profits of Chinese steel mills in H1 surges by 151pct YoY

Xinhua reported that as per China Iron and Steel Industry Association (CISA) data, the combined profits of Chinese steel makers surged in the first half of 2018 on strong demand. CISA said “In the first half, profits of about 380 steel makers stood at CNY 139.27 billion (About USD 20.5 billion), up 151.15% YoY as total sales rose 15.33% YoY to CNY 1.97 trillion.”

With strong profits, the steel sector saw a decline in the ratio of liabilities to assets, which was down 3.97 percentage points year-on-year to 67.3 percent at the end of June.

Yu Yong, head of CISA, said “In the first half, the iron and steel sector witnessed stable momentum that had not been seen in years. However, uncertainties will rise in the latter half, including international trade friction, production suspensions during the winter heating period and price changes in fuels. Meanwhile, the steel market will be weighed on if crude steel production is held steady near the historic high registered in June.”
Source : XINHUA
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