The China Iron and Steel Association (CISA) has announced that in the first eight months of the current year the aggregate gross profit of its member enterprises amounted to RMB 8.087 billion ($1.308 billion), while in August alone the aggregate gross profit of CISA member enterprises amounted to RMB 3.116 billion ($504 million).
Meanwhile, in the January- August period the sales revenues of the steel producing enterprises in question totaled RMB 2.3954 trillion ($387.6 billion), up 1.38 percent year on year.
Wang Xiaoqi, vice chairman of the CISA, has stated that in the current year the aggregate gross profit of large and medium-sized steel enterprises in China (i.e., CISA member enterprises) is expected to total RMB 20 billion ($3.27 billion), if steelmakers maintain similar profit margins in the coming months as in July and August.
