China. Profits of 77 major steelmakers down 40%

China. Profits Of 77 Major Steelmakers Down 40%.

A total of 77 major steelmakers recorded profits of 6.25 billion yuan in June, a decrease of 40 percent month-on-month, reports 163.com, citing an insider from the China Iron and Steel Industry Association. Cumulative profits earned by the 77 steelmakers increased 21.22 times year-on-year in the first half of 2010 to 50.72 billion yuan.

According to an insider, the profitability of the steel industry as a whole is declining dramatically. The insider added that the situation might be worse in July and August due to falling steel prices.