The China Iron and Steel Association (CISA) has stated that in 2012 the aggregate net profit of its 80 member steel enterprises in China totaled RMB 1.581 billion ($252 million), down 98.22 percent year on year.
Meanwhile, last year the total sales revenues of the steel enterprises in question was RMB 3.54411 trillion ($564 billion), down 4.31 percent year on year, while their pre-tax profits amounted to RMB 74.089 billion ($12 billion), decreasing by 54.33 percent on year-on-year basis.
In 2012, 28.75 percent of the 80 steel enterprises, i.e., 23 steel enterprises, posted net losses, with their total net loss amounting to RMB 28.924 billion ($4.6 billion), 8.39 times the figure recorded in 2011. Only eight CISA member steel enterprises had registered net losses in 2011.