Iron Ore Price Hikes Erode Steel Makers' Profits

(Beijing) -- Surging iron ore prices on the international market have weakened the profit margins of China's steel industry, China Iron & Steel Association (CISA) said in report on April 29.

Seventy-seven large and medium-sized steel plants booked a gross profit margin of 2.91 percent in the first three months, lower than the national industrial average of 6.2 percent, said CISA.