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China’s listed steel firms’ earnings up in H1

October 2018

Chin'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, said a report.

Steel companies listed on the Shanghai Stock Exchange reported combined profits of 29.6 billion yuan (about $4.34 billion) in H1, up 134 per cent year on year, according to data from the exchange, China›s Xinhua news agency said.

Total revenue of these companies reached 426.5 billion yuan ($62.31 billion), up 15 per cent 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, added the report.

 




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