Listed steel companies see profit surge in H1

Source: Xinhua | 2018-09-10

China's listed steel firms reported a surge in earnings in the first half of this year amid continued government efforts to cut overcapacity in the sector.

Steel companies listed on the Shanghai Stock Exchange reported combined profits of 29.6 billion yuan (about 4.34 billion U.S. dollars) in H1, up 134 percent year on year, data from the exchange showed.

Total revenue of these companies reached 426.5 billion yuan, up 15 percent year on year.

The rise came as authorities continued efforts to cut excess capacity in the industry as part of the country's supply-side structural reform.