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Chinese steel enterprises’ losses amount to RMB 4.84 billion in Q1

Thursday, 27 April 2023 11:10:54 (GMT+3)   |   Shanghai
       

In the January-March period this year, of the 41 industrial sectors in China, 10 witnessed year-on-year increases in gross profit, while 28 saw decreases in gross profit, though one shifted from profit to loss, and one posted a stable gross profit, as announced by China's National Bureau of Statistics (NBS) on April 27. In the given period, the ferrous metal smelting and rolling sector recorded a gross loss of RMB 4.84 billion ($0.7 billion), compared to a gross profit of RMB 42.24 billion ($6.1 billion) in the same period last year.

The automotive sector recorded gross profits of RMB 81.94 billion ($11.8 billion) in the first three months this year, down 24.2 percent year on year.   

At the same time, the ferrous metals mining and dressing sector, the metal manufacturing sector and the railway, shipping, aerospace and other transportation equipment manufacturing sector recorded gross profits of RMB 9.46 billion ($1.4 billion), RMB 28.83 billion ($4.2 billion) and RMB 11.69 billion ($1.7 billion) in the January-March period, down 46.9 percent, down 19.8 percent and up 39.0 percent year on year, respectively.  

In the given period, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 1.51674 trillion ($0.22 trillion), down 21.4 percent year on year.   

$1 = RMB 6.9207


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