The China Iron and Steel Association (CISA) has stated that in the January-November period of 2012 the aggregate net loss of large and medium-sized steel enterprises in China totaled RMB 1.97 billion ($313 million). Meanwhile, in the given period, total sales revenues of the steel enterprises in question was RMB 3.244 trillion ($516 billion), down 5.37 percent year on year, while their pre-tax profits amounted to RMB 66 billion ($10 billion), decreasing by RMB 5.773 billion ($918 million) on year-on-year basis.
Despite improved operating conditions in the Chinese steel sector in October and November, two thirds of domestic large and medium-sized steel enterprises still posted a net loss in 2012 up to the end of November, as stated by Wang Qinghai, president of CISA and of Shougang Group, at a meeting of directors of the CISA.