Chinese steel enterprises’ profits up 1,816-fold in Jan-July

Friday, 27 August 2021 10:46:31 (GMT+3)   |   Shanghai

In the January-July period of the current year, of the 41 industrial sectors in China, 36 witnessed year-on-year increases in gross profit, while two saw lower decreases in gross profit and two 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 296.47 billion ($45.8 billion), rising by 1,816-fold year on year.

The automotive sector recorded gross profits of RMB 322.11 billion ($49.7 billion) in the given period, up 19.7 percent year on 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 56.34 billion ($5.9 billion), RMB 108.67 billion ($16.8 billion) and RMB 32.29 billion ($5.0 billion), up 189.8 percent, up 43.9 percent and 10.3 percent year on year, respectively.

In July, the growth in gross profits of the mining industry and the raw material industry sped up, increasing by 2.03-fold and 50.9 percent year on year, respectively, faster than the year-on-year growth in June this year.

$1 = RMB 6.4863

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