China’s 71 large and medium steelmakers post RMB 10.6 billion profit in July

According to the latest official statistics released by the China Iron and Steel Association (CISA), in July China's 71 large and medium steel mills posted a combined profit of RMB 10.6 billion ($1.55 billion). Of the mills in question, four were still in the red, incurring a combined loss of RMB 215 million ($31.4 million). Some insiders estimate that, if small steel mills in China are also taken into consideration, the overall Chinese steel industry probably achieved a net profit of RMB 20 billion ($2.93 billion) in the month of July.