Chinese steel enterprises’ profits up 132 percent in Jan-Oct

Monday, 29 November 2021 14:12:53 (GMT+3)   |   Shanghai
       

In the January-October period this year, of the 41 industrial sectors in China, 32 witnessed year-on-year increases in gross profit, while eight saw decreases in gross profit, and one shifted from loss to 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 406.91 billion ($63.6 billion), rising by 132 percent year on year, 12.8 percentage points slower than the rising pace of 144.8 percent in the first nine months of the current year.

The automotive sector recorded gross profits of RMB 423.37 billion ($66.3 billion) in the first ten months of the current year, down 2.9 percent year on year, shifting from the year-on-year rise of 1.2 percent recorded in the first nine months this 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 75.02 billion ($11.4 billion), RMB 16.527 billion ($22.7 billion) and RMB 48.84 billion ($6.7 billion), up 119.9 percent, 31.9 percent and 5.5 percent year on year, respectively.

In the January-October period this year, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 7.16499 trillion ($1.12 trillion), up 42.2 percent year on year, 2.5 percentage points slower than the rise recorded in the first nine months this year.

$1 = RMB 6.3872


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