Foundry industry income, profit rise

Source: Xinhua | 2018-11-26

China’s iron and steel industry has maintained solid growth momentum, posting notable rises in both operating income and profits from January to September.

Statistics from the Ministry of Industry and Information Technology showed that the industry’s total main operating income surged up by 14 percent from the same period last year to 5.66 trillion yuan (US$816.7 billion).

The industry’s aggregate profit during the period amounted to 358.7 billion yuan, up 65.3 percent year on year. Large-and medium-sized enterprises contributed 3.06 trillion yuan to the total operating income and 230 billion yuan to profits. The two figures marked a rise of 14.5 percent and 86 percent respectively.

By the end of September, the debt ratio of large-and medium-sized enterprises dropped by 3.9 percentage points from a year earlier to 66.1 percent.

Thanks to the efforts in reducing overcapacity and the production ban on substandard steel, Chinese iron and steel producers have been able to sell their products abroad at better prices.

From January to September, China exported steel products of 53.08 million tons, down 10.7 percent year on year, but their aggregate export value has risen 6.1 percent year on year to 298.99 billion yuan. The export price averaged 5,633 yuan per ton, up 18.8 percent from the same period last year.

This year, China’s steel export was expected to stand around 70 million tons.