Chinese private steel mills achieve higher profit margin on sales than state-owned mills in 2020

Thursday, 04 February 2021 15:13:49 (GMT+3)   |   Shanghai
       

Wang Lianzhong, vice president of the China Chamber of Commerce for Metallurgical Enterprises (CME) stated that key private sector steelmakers in China realized a total sales revenue of RMB 3.3541 trillion in 2020, up 13 percent year on year, while achieving a gross profit of RMB 161 billion ($24.9 billion), up 6.1 percent year on year.

As previously reported by SteelOrbis, in 2020 Chinese steelmakers which are members of the China Iron and Steel Association (CISA) posted an aggregate gross profit of RMB 207.4 billion ($32 billion), up 6.59 percent year on year.

According to Mr. Wang, China’s private steelmakers are more profitable than state-owned steel mills. For instance, private steel mills achieved a 4.8 percent profit margin on sales in 2020, while state-owned steelmakers’ profit margin stood at 4.41 percent for the given year.


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