Chinese Steel industry earns profit of 470 billion yuan in 2018


SHANGHAI (Scrap Register): China's Steel industry earned a profit of 470.4 billion yuan (around US$69.7 billion) in 2018, an increase of 39.3 percent year on year.

Crude Steel production in China increased by 6.6 percent to 928.26 million tons, whereas Steel production hit 1.1 billion tons, up 8.5 percent year on year, according to the National Development and Reform Commission.

Steel exports plunged by 8.1 percent to reach 69.34 million tons, while imports slid 1 percent to hit 13.17 million tons.

The Steel business is probably going to keep up sensible overall revenues this year, as industry overcapacity has largely eased over the past three years.

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