China’s iron and steel sector records a %37.4 decrease in profit in january–may period

In contrast, the profit of the ferrous metal smelting and rolling processing industry decreased by %37.4, falling to RMB 18.17 billion (approximately EUR 2.3 billion).

During the January–May period, the total profit of state-owned holding companies increased by %19.6 to RMB 1,048.66 billion (approximately EUR 135.3 billion), while the profit of joint-stock enterprises increased by %24.1 to RMB 2,434.81 billion (approximately EUR 314.1 billion). Profits of foreign-invested enterprises and companies funded by Hong Kong, Macao and Taiwan increased by %4.2 to RMB 695.72 billion (approximately EUR 89.8 billion), while private sector enterprises recorded an increase of %10.7 to RMB 772.65 billion (approximately EUR 99.7 billion).

By sector, mining industry profits increased by %33.5 to RMB 479.52 billion (approximately EUR 61.9 billion), while manufacturing profits increased by %20 to RMB 2,328.52 billion (approximately EUR 300.4 billion). The profit of electricity, heat, gas and water production and supply industries decreased by %2.7 to RMB 335.92 billion (approximately EUR 43.3 billion).

Among major industries, profits in non-ferrous metal smelting and rolling increased by %117.1, computer, communication and other electronic equipment manufacturing by %103.9, chemical raw materials and chemical products manufacturing by %71.6, coal mining and washing by %33.5, oil and gas extraction by %17.2, and textile industry by %11.7.

On the other hand, profits in general equipment manufacturing decreased by %0.2, electricity and heat production and supply by %4.1, special equipment manufacturing by %5.5, agricultural and sideline food processing by %13.3, electrical machinery and equipment manufacturing by %13.7, and automobile manufacturing by %19.8.

In the ferrous metal smelting and rolling processing industry, profit decreased by %37.4 to RMB 18.17 billion (approximately EUR 2.3 billion), while the non-metallic mineral products industry recorded a decline of %48.9. The petroleum, coal and other fuel processing industry, however, moved from loss to profit.