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Net loss in the first four months
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Net loss in the first four months
       Published:5/25/2009 Read:2623

72 key medium and large-sized steel producers had a net loss of 5.18 billion yuan in the first four months of this year following a rising price for five consecutive weeks since mid-April, with nearly 40 percent of mills making a loss. A source with the MIIT said the financial crisis may cause a 50 percent reduction in steel exports in 2009. Steel exports last year accounted for about 10 percent of the total output of 600 million tons. Meanwhile, domestic market remained obscure with supply still outnumbering demand in general. It is not an easy job to eliminate outdated capacity since both institutional and social issues are involved.

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