Losses rise for Chinese steelmakers as demand continues to wane

Losses continued to mount for steelmakers in China during October, as the sector, once the mainstay of economic growth, reeled from overcapacity and waning demand.

Large and medium-sized iron and steel smelters posted combined losses of 14.8 billion yuan ($2.3 billion) in October, down 27.8 percent from the levels in September, according to a report in the Beijing-based Economic Information Daily.

According to industry data, during the first 10 months, large and medium-sized iron and steel smelters posted losses of 72 billion yuan. Among the 101 large and medium-iron and steel smelters, 48, or 47.5 percent, are in the red.