ZCZC
BCN-39
CHINA-STEEL-COMPANIES-EARNINGS
Listed steel companies see profit surge in H1
BEIJING, Sept. 9 (BSS/Xinhua) — 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 (about 4.34 billion U.S. dollars) 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In the first seven months of 2018, China cut outdated crude steel capacity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 tonnes, completing more than 80 percent of this year’s
capacity-cut target of 30 million tonnes, according to the National
Development and Reform Commission.
BSS/XINHUA/SR/2000 HRS