USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Industries

Listed steel companies see profit surge in H1

Xinhua | Updated: 2018-09-09 10:00
A worker tests the temperature of molten steel at a steel plant in Dalian, Liaoning province. [Photo by Liu Debin/For China Daily]

BEIJING - China's listed steel firms reported a surge in earnings in the first half of this year amid continued government efforts to cut overcapacity in the sector.

Steel companies listed on the Shanghai Stock Exchange reported combined profits of 29.6 billion yuan ($4.34 billion) in H1, up 134 percent year-on-year, data from the exchange showed.

Total revenue of these companies reached 426.5 billion yuan, up 15 percent year-on-year.

The rise came as authorities continued efforts to cut excess capacity in the industry as part of the country's supply-side structural reform.

In the first seven months of 2018, China cut outdated crude steel capacity by 24.7 million metric tons, completing more than 80 percent of this year's capacity-cut target of 30 million tons, according to the National Development and Reform Commission.

Top
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US