Date: 2013-07-31

Major Chinese Steel Companies See Strong Nov Profits

It is reported that China's 80 largest steel makers generated a profit of CNY 3.28 billion in November. But oversupply and a string of unprofitable months caused their revenue for the year to remain in the red up to that month.

Statistics from the China Iron and Steel Association showed that major Chinese steel firms returned to reporting profits in November after bringing a 4 month series of losses to an end a month earlier.

Major steel companies see strong Nov profits.

A steel bar factory in Ganyu county Jiangsu province. In the first 11 months of 2012, China's 80 major steel makers posted a loss of CNY 1.97 billion according to the China Iron and Steel Association.

Mr Wang Qinghai, chairman of the association, said during a meeting on January 12th 2013 said that

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