In the first three months this year, CISA member steel companies posted an operating revenue of RMB 1.4993 trillion ($0.23 trillion), down 3.26 percent year on year, and a gross profit of RMB 55.3 billion ($8.4 billion), down 25.8 percent year on year, as announced by the China Iron and Steel Association (CISA).
CISA stated that the rapid rises in raw material prices negatively affected the steel enterprises’ performances in the given period, while the strict control measures aimed at tackling the Covid-19 pandemic also affected the steel industry.