What’s
new: Chinese steelmakers’ profit continued to drop in June as the
industry wrestled with sluggish demand from the real estate sector and high raw
material costs.
The steel industry realized total profit of 2.41 billion yuan
($351 million) last month, down 93.8% from the same month last year, continuing
the downward trend of the last four months, data from the National Bureau of
Statistics showed Wednesday.
In the first six months, steelmakers’ profit declined 68.7% from
the same period a year ago, and revenue dropped 3.6%, the data showed.