NBS: Chinese steel enterprises’ profits down 18.7 percent in Jan-Sept

Tuesday, 27 October 2020 14:25:53 (GMT+3)   |   Shanghai
       

In the January-September period this year, of the 41 industrial sectors in China, 21 witnessed year-on-year increases in gross profit, while 20 saw decreases in gross profit, as announced by China's National Bureau of Statistics (NBS). In the given period, the ferrous metal smelting and rolling sector recorded gross profits of RMB 157.74 billion ($22.6 billion), declining by 18.7 percent year on year, 4.4 percentage points slower than the declining pace erecorded in the first eight months of the current year.

The automotive sector recorded gross profits of RMB 360.71 billion ($51.6 billion) in the first nine months of the current year, up 3.0 percent year on year, 1.5 percentage points higher than the increase recorded in the first eight months this year.

At the same time, the ferrous metals mining and dressing sector, the metal manufacturing sector and the railway, shipping, aerospace and other transportation equipment manufacturing sector recorded gross profits of RMB 25.88 billion ($3.7 billion), RMB 102.6 billion ($14.7 billion) and RMB 40.3 billion ($5.8 billion), up 45.5 percent, down 1.1 percent, and up 0.8 percent year on year, respectively.

In the January-September period this year, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 4.3665 trillion ($0.625 trillion), down 2.4 percent year on year, 2.0 percentage points slower than the decline recorded in the first eight months this year.

Zhu Hong, senior statistician of the industrial division of NBS, stated that in September the aggregate gross profit of large and medium-sized industrial enterprises in China indicated a year-on-year rise of 10.1 percent, 9.0 percentage points slower than the growth recorded in August, which was mainly due to the rising prices of industrial products squeezing industrial enterprises’ profitability.


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