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Major steel producers report losses in first 4 months

(Xinhua)
Updated: 2009-05-23 09:20

Twenty-nine large and medium-sized Chinese steel producers reported 5.18 billion yuan ($762 million) in aggregate losses in the first four months, the China Iron and Steel Association (CISA) said in Beijing Friday.

Related readings:  China's March steel exports total 1.67 million tons  Steel prices and exports slump in March  Steel prices steady as demand improves in Q1  China's steel use to go down 5%: World Steel Association

The 29 producers were among 72 surveyed by CISA, the association's vice chairman, Luo Bingsheng, said.

The 72 companies reported 575.59 billion yuan in revenue, down 18.9 percent year on year, Luo said. They paid 15.42 billion yuan in taxes, down 85.07 percent year on year, Luo said.

Losses were mainly caused by slumping domestic steel prices, Luo said.

Many producers have cut costs, and the production cost of steel dropped 13.75 percent in the first quarter, Luo said.