Profit growth strong for Chinese steelmakers
China's major state-owned iron and steel companies reported high growth in their profits and sales income through the first seven months. According to the statistics released by the State-owned Assets Supervision and Administration Commission, the total profit of 38 key iron and steel firms of China increased 24.6 percent year on year to RMB 49.23 billion ($6.08 billion) in the first seven months. Meanwhile, the sales income of these companies increased 28.3 percent year on year to RMB 559.86 billion ($69.17 billion) through the first seven months. The value of finished steel products inventory held by these companies reached RMB 50.66 billion ($6.26 billion) by the end of July, up 28 percent year on year.