Chinese steel enterprises’ profits up 155.6 percent in January-August

Tuesday, 28 September 2021 13:57:42 (GMT+3)   |   Shanghai
       

In the January-August period this year, of the 41 industrial sectors in China, 37 witnessed year-on-year increases in gross profit, while two saw decreases in gross profit, and one remained stable, 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 333.46 billion ($51.6 billion), rising by 155.6 percent year on year, 26 percentage points slower than the rising pace of 181.6 percent compared to that recorded in the first seven months of the current year.

The automotive sector recorded gross profits of RMB 343.83 billion ($53.2 billion) in the first eight months of the current year, up 5.5 percent year on year, 14.2 percentage points slower than the increasing pace recorded in the first seven 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 65.68 billion ($10.2 billion), RMB 127.45 billion ($19.7 billion) and RMB 35.96 billion ($5.6 billion), up 167.8 percent, 42.3 percent and 7.4 percent year on year, respectively.

In the January-August period this year, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 5.60 trillion ($870 billion), up 49.5 percent year on year, 7.8 percentage points slower than the rise recorded in the first seven months this year.

$1 = RMB 6.4608


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