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China’s steelmakers see profits plunge 50% in Q1 as coronavirus hurt demand

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Chinese steelmakers posted a 50 per cent drop in first-quarter profits, with inventory hitting a record high in March, as the coronavirus pandemic hurt domestic demand and exports. The industry body warns exports will decline further as the virus spreads globally.

First-quarter profits generated by members of the China Iron and Steel Association (CISA), mostly state-owned enterprises, slumped 50.8 per cent from a year earlier to 18.3 billion yuan and their revenue . . .

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