The China Iron and Steel Association (CISA) has announced during its executive council meeting in Beijing that China’s steel industry has completed its target of eliminating 100-150 million mt of overcapacity five years ahead of schedule, resulting in the improved performance of Chinese steelmakers.
In addition, Yu Yong, CISA president, stated that in the first 11 months of 2018 the large and medium-sized steel enterprises in China - all CISA members - registered a sales revenue of RMB 3.76 trillion ($0.55 trillion), up 14.17 percent, and achieved a gross profit of RMB 280.2 billion ($40.9 billion), rising by 63.54 percent, both year on year.