According to a statement issued by the China Iron and Steel Association (CISA) on November 18, the 77 large and medium-sized Chinese steel enterprises which are members of the CISA posted an aggregate net profit of RMB 7 billion ($1.1 billion) in October this year, the highest figure recorded in recent months.
The 77 domestic steel enterprises in question recorded aggregate net profits of RMB 2.8 billion ($0.42 billion), RMB 3.8 billion ($0.57 billion) and RMB 5.8 billion ($0.87 billion) in July, August and September this year respectively. For the first three quarters, the aggregate net profit of these 77 steel enterprises totaled RMB 64 billion ($9.6 billion), up 98.05 percent compared to the corresponding period of 2009.
An insider from the CISA said that the profits of domestic steel enterprises would remain at relatively high levels in the fourth quarter. The aggregate profits of the 77 steel enterprises in question are expected to reach around RMB 100 billion ($15 billion) for the whole of 2010.
As regards output, Chinese domestic production of crude steel recorded month-on-month decline from May to September inclusive, though crude steel output in October saw a slight rebound.