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 . . .
To continue reading, please subscribe. You will get
- ORIGINAL & IN-DEPTH reporting about key trends in China's economy and financial markets
- THE WIRE 7*24 - up-to-the-minute updates, with details and data you won't find elsewhere.
- DAILY BRIEF - daily newsletter to give you a quick overview of the most important business news every day.
- QUALITY MATTERS. We provide quality information to help intelligent and professional readers make informed decisions.
GRAB THE MID-YEAR SPECIAL OFFER !
SUBSCRIBE AT $0.5 A DAY!
Contact us for group subscriptions: firstname.lastname@example.org
We highly value independence. We are solely funded by subscriptions from intelligent readers like you. Not ready for our full service? Try Free Weekly Newsletter first.
Already have an account? Sign In