China: 2008 steel industry profits down 43.7% Y-o-Y
According to the Iron and Steel Association, the profits of the entire Chinese steel industry totaled RMB84.6bn in the year of 2008, down 43.7% year-on-year, while the taxes stood at RMB114.9bn, decreasing by 23%. The sharp decline in steel industry profits was mainly due to cost rise, the global financial crisis, as well as the increased steel stockpiles, which resulted in the sharp increase in volume of funds occupied (Source: UMETAL-CHINA)
