China’s steelmakers have reversed last year’s crippling losses to turn a profit for the first half of 2016 amid government pressure to consolidate and cut capacity, fuelling hopes of global industry recovery.
Member companies of the China Iron and Steel Association, accounting for about 80 per cent of total Chinese production, reported a combined net profit of Rmb12.6bn ($1.9bn) for the six months through June — up more than fourfold from the same period last year, according to association president Ma Guoqing.
Speaking at CISA’s annual meeting, Mr Ma, who is also chairman of Wuhan Iron & Steel Group, said that despite price fluctuations many companies had “accurately predicted market trends” and capitalised on the upswings.
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