Photo: A worker is busy working at the production line of a special steel production enterprise.
BEIJING, March 15 (Xinhua) -- Central China's Hubei Province cut crude steel capacity by 7.8 million metric tons (tonnes) in 2020, according to the Department of Economy and Information Technology of Hubei Province at a recent conference.
Despite the adverse impacts of the COVID-19 outbreak on the economy, the steel industry in Hubei Province achieved outstanding performances last year and supported the recovery of the province's industrial economy.
There are 18 major steel makers with more than 20 million yuan in annual revenue from their main operations in the province. In 2020, their operating revenue amounted to 194.02 billion yuan (about 29.82 billion U.S. dollars). They produced about 35.57 million tonnes of crude steel last year, ranking 7th in the country, and their steel output stood at about 36.49 million tonnes, ranking 12th in the country.
As the traditional heavy industry, the steel industry in the province saw a steady increase in the profit rate. The steel industry realized a profit of 7.48 billion yuan in 2020, a year-on-year increase of 6.5 percent. (Edited by Hu Pingchao with Xinhua Silk Road, hupingchao@xinhua.org)
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