Steel Profits Plunge in June Amid Slack Demand and Rising Costs

What’s new: Chinese steelmakers’ profit continued to drop in June as the industry wrestled with sluggish demand from the real estate sector and high raw material costs.

The steel industry realized total profit of 2.41 billion yuan ($351 million) last month, down 93.8% from the same month last year, continuing the downward trend of the last four months, data from the National Bureau of Statistics showed Wednesday.