It's reported that China's major steelmaker Hebei Steel estimated that its net profits would be at RMB39.34~RMB118 million for the first half of this year, slumping by 70%~90% from the net profits in the same period of a year ago. Hebei Steel stated that the slump in net profits was caused by oversupply, dropped steel prices and fierce competition in steel sector.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65371&division=A6
