It's reported that the Chinese Benxi Steel announced that its net profits slumped by 91% from a year ago to RMB69.38 million in 2012. The company stated that high raw material prices and sluggish demand caused its net profits slump last year. Meanwhile, Benxi Steel's crude steel output totaled 9.82 million tons in 2012, down by 1.4% year on year and the company planned to produce 10.05 million tons in 2013. Also, Benxi Steel warned that the situation would remain tough and overcapacity would continue. However, Benxi Steel's net profits jumped by 17% year on year to RMB103 million in the first quarter of this year.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=64135&division=A6
