Xinhua reported that China's steel industry will face better situations in the fourth quarter and in 2013 after posting whopping losses in the first three quarters.
Mr Liu Zhenjiang vice president of the China Iron and Steel Association said Saturday at a steel industry forum that most large and medium-sized steel companies have shaken off losses since October, but their main steel business are still suffering losses. He said that "The year 2012 is the most difficult year for China's steel industry since the beginning of the 21 century.”
Data from the CISA showed Chinese steel companies posted total losses of CNY 5.5 billion (USD 874.32 million) from January to September, compared with total profits of CNY 38.7 billion registered during the same period last year.
Mr Liu said that the industry will face better situations in the last quarter and in 2013, but strict control of production capacity will still be prioritized due to excessive capacity in the industry.
He urged the country's steel enterprises to step up restructuring and upgrading to enhance their market competitiveness and capabilities of sustainable development.
