China’s Steel Industry Posts RMB12.77 Billion Loss in November

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Dec. 29 – China’s 71 major steel mills may post a loss of up to RMB12.77 billion in November, China Securities Journal reported.

Citing anonymous sources, the newspaper said 48 mills were in the red in November, accounting for over two thirds of the China’s large and medium-sized steel makers. Analysts attributed the loss to the high prices in iron ore and dropping steel prices.

China’s steel industry has been one of the worst hit by the international financial crisis as demand has declined sharply.