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Major steel producers report losses in first 4 months
(Xinhua)
Updated: 2009-05-23 09:20 Twenty-nine large and medium-sized Chinese steel producers reported 5.18 billion yuan ($762 million) in aggregate losses in the first four months, the China Iron and Steel Association (CISA) said in Beijing Friday.
The 72 companies reported 575.59 billion yuan in revenue, down 18.9 percent year on year, Luo said. They paid 15.42 billion yuan in taxes, down 85.07 percent year on year, Luo said. Losses were mainly caused by slumping domestic steel prices, Luo said. Many producers have cut costs, and the production cost of steel dropped 13.75 percent in the first quarter, Luo said. (For more biz stories, please visit Industries)
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