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China medium and large-sized steel mills likely to suffer loss in Q1, CISA

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2015-03-30 GMT+8:00

BEIJING, Mar. 30 (Xinhua) -- Medium and large-sized steel enterprises in China are expected to be in the red generally in the first quarter of this year due to the severe situation facing the domestic steel industry, said Liu Zhenjiang, secretary general of the China Iron and Steel Association (CISA).

Liu made the remarks at a forum held by the China Metallurgical Industry Planning and Research Institute on March 28.

Although prices of imported iron ore fell to a level below 60 US dollars/metric ton (tonne) in the first quarter on average, the medium and large-sized steel mills saw continuous losses month by month. In January, those steel mills suffered losses generally. In February, the losses expanded with 50 percent of those steel mills in the red. In March, insufficient orders and high stocks weighed on their business performance. Therefore, they are expected to suffer losses generally in the first quarter, said Liu. (Edited by Hu Pingchao, hupingchao@xinhua.org)

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