Chinese ferrous metal smelting and rolling sector’s profits down 7.5% in 2020

Wednesday, 27 January 2021 16:20:28 (GMT+3)   |   Shanghai
       

In 2020, of the 41 industrial sectors in China, 26 witnessed year-on-year increases in gross profit, while 15 saw decreases in gross profit, as announced by China's National Bureau of Statistics (NBS). In the given period, the ferrous metal smelting and rolling sector recorded gross profits of RMB 246.46 billion ($38.2 billion), declining by 7.5 percent year on year, 2.4 percentage points slower than the declining pace recorded in the first eleven 11 of last year.

The automotive sector recorded gross profits of RMB 509.36 billion ($78.8 billion) in 2020, up 4.0 percent year on year, 3.2 percentage points slower than the decline recorded in the first 11 months of the year.

At the same time, the ferrous metals mining and dressing sector, the metal manufacturing sector and the railway, shipping, aerospace and other transportation equipment manufacturing sector recorded gross profits of RMB 38.06 billion ($5.9 billion), RMB 168.71 billion ($26.1 billion) and RMB 62.61 billion ($9.7 billion), up 74.9 percent, up 4.1 percent and down 1.5 percent year on year, respectively.

In 2020, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 6.4516 trillion ($1.0 trillion), up 4.1 percent year on year, 1.7 percentage points faster than the increase recorded in the first 11 months last year.

$1 = RMB 6.4665


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