According to the National Development and Reform Commission (NDRC) of
China, in the first eight months of 2011 the Chinese steel industry achieved an overall net profit of RMB 206.7 billion ($32.4 billion), an increase of 32.6 percent year on year.
In particular, in the given period, the net profit of the domestic ferrous metal mining sector was RMB 62.19 billion ($9.7 billion), rising by 54.5 percent, while the net profit of the ferrous metal smelting and rolling sector climbed up by 22.8 percent to RMB 104.17 billion ($16.3 billion), both compared to the corresponding period of 2010.