China's Crude Steel production up 9.9% in Q1


BEIJING (Scrap Register): China's steel producers reported steady output growth in the first quarter, with production of crude steel up 9.9% to 231 million tonnes, data from an industry association showed.

In the first three months, China exported 17.03 million tonnes of steel products, up 12.6% year-on-year, while imports came in at 2.9 million tonnes, down 16.1%, according to the China Iron and Steel Association (CISA).

China's steel mills have been running at overcapacity in recent years, incurring heavy losses for producers and becoming a drag on economic growth that prompted the government to take measures to cut outdated capacity.

Chinese steel companies monitored by the CISA made combined profits of 37.5 billion yuan (5.6 billion U.S. dollars) in Q1, down 30.2% year-on-year, data showed.

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