Chinese steel enterprises’ profits down 92.7 percent in Jan-Oct

Monday, 28 November 2022 10:30:17 (GMT+3)   |   Shanghai
       

In the January-October period this year, of the 41 industrial sectors in China, 19 witnessed year-on-year increases in gross profit, while 22 saw decreases in gross profit, as announced by China's National Bureau of Statistics (NBS) on November 27. In the given period, the ferrous metal smelting and rolling sector recorded gross profits of RMB 29.68 billion ($4.14 billion), decreasing by 92.7 percent year on year, 1.3 percentage points faster than the declining pace recorded in the January-September period.

The automotive sector recorded gross profits of RMB 425.06 billion ($59.4 billion) in the first ten months, up 0.8 percent year on year, shifting from a year-on-year decline of 1.9 percent recorded in the first nine months.

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 54.39 billion ($7.6 billion), RMB 152.62 billion ($21.3 billion) and RMB 55.53 billion ($7.8 billion), down 28.4 percent, down 9.7 percent and up 13.7 percent year on year, respectively.

In the January-October period, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 6.97682 trillion ($0.97 trillion), down 3.0 percent year on year.


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