According to statistics released by the Ministry of Industry and Information Technology yesterday, China’s steel industry realized profits of RMB 143.3 billion in the first 11 months of last year.
The country’s major steel mills earned a combined profit of RMB 44.8 billion in the period, 67% less than in the same period of the previous year, said the ministry.
In 2009, the country eliminated 21.2 million tons of outdated iron smelting capacity and 16.9 million tons of steel smelting capacity.
In the period from January to November last year, the country’s steel output rose 12.1% year on year to 520 million tons, the total output last year is expected to reach 565 million tons.
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