Profits in China's steel industry were down 68.4 percent year on year in January-February this year, according to the country's Ministry of Industry and Information Technology (MIIT).
Because of restructuring in the industry and high prices of iron ore imports, steelmaking enterprises are under increasing cost pressure and have to decrease production amid sufficient supplies, according to an official at the Construction Industry Council (CIC) Industry Research Center based in Guangdong Province.