Chinese steel producers face heavy loss

摘要

Chinese steel producers have faced heavy losses in the first 11 months of 2015, thanks to overcapacity and weakening demand. According to Chinese news agency Xinhua, citing data provided by the China Iron and Steel Association (CISA), large and medium-sized steel mills suffered losses of 53.1 billion yuan ($8.18 billion) in the first eleven months of 2015. Of the 101 steel mills tracked by the CISA, total sales revenue fell to 2.66 trillion yuan, a decline of 19.3 per cent from the same period a year earlier.