BEIJING, July 26 (Xinhua) -- Profits of about 380 Chinese steel producers skyrocketed 151.15 percent year on year to 139.273 billion yuan in the first half of this year, new data showed on July 25.
In the January-June period, their sale revenue totaled 1.97 trillion yuan, an increase of 15.33 percent year on year, according to data from China Iron and Steel Association (CISA).
The asset-liability ratio of steel makers fell to 67.3 percent at the end of June, down 3.97 percentage points from a year earlier.
However, the burden on enterprises is still relatively heavy, and all expenses are on the rise. In the first half of this year, the expenditures of 380 steel enterprises increased by 11.7 percent year on year.
Yu Yong, head of the CISA, noted that though China’s steel industry maintained steady momentum in the first quarter of this year, the increase of uncertainties in the second half of this year, especially the international trade friction, the suspension of production in the heating season and the fluctuation of fuel prices, will bring new challenges for the sector.
Enterprises should combine their own characteristics and study the transformation and upgrading strategies so as to achieve high-quality development, said Yu.(Edited by Yang Yifan, yangyifan@xinhua.org)
A single purchase
