China steel company profits predicted to fall 40%
Economy February 19th, 2010
Profits of steel companies in China is estimated to drop to 40% to 50 billion yuan (U.S. $ 7.3 billion) this year.
According to Qi Xiangdong, deputy secretary-general of China Iron & Steel Association was quoted in the China Securities Journal today, most steel companies are still suffering from losses in November.
This, he added, due to high costs and low selling prices despite a high turnover rate.
Qi added profits for steel companies on 72 November to reach 7.3 billion yuan and the results expected in December for less than the level that
