It’s reported that the world's second largest steel group, China's Hebei Iron and Steel reported its first nine months net profit in 2013 dropped by 68.17% year on year.
The company said the main attributes are the sluggish steel market demand, rising up raw material cost and oversupply problem.
Baosteel, another China's steel giant also reportedly posted that its net profits slumped by 67% year on year for the first nine months of this year.
It is said that China's large and medium-sized steel producers moved toward positive in their financial performances but the whole industry still has slim profit in operating.
This situation may affect severely to the small sized steel mills in China who face with even tougher competition.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=67501&division=A6
