Luo Bingsheng, vice secretary of the
China Iron and Steel Association (CISA), has announced that in October this year the association's member steel companies achieved an aggregate net profit of RMB 1.375 billion ($216.5 million), down 82.6 percent month on month.
In October, as Mr. Luo said, the aggregate industrial output value of these companies was RMB 271.28 billion ($42.7 billion), declining by RMB 348 million ($54.8 million) compared to September. Meanwhile, their total sales revenues came to RMB 290.06 billion ($45.78 billion), marking a month-on-month decrease of 7.13 percent. Among the total 77 steel companies in question, 25 companies incurred losses in October, with their combined loss totaling RMB 2.125 billion ($334.6 million), while just nine of the CISA member steel companies had incurred losses in September.