China’s Iron and Steel Producers Hit by Property Slump

Profits at China’s iron and steel manufacturers shriveled in the first 11 months of 2022, down 94.5% year-on-year as the industry struggled with sluggish demand from the property sector and rising fossil fuel costs.

Chinese firms engaged in ferrous metals smelting and pressing generated a combined profit of 22.9 billion yuan ($3.3 billion) during the period between January and November, data from the National Bureau of Statistics showed Tuesday. Their combined operating revenue totaled 8 trillion yuan during the period, down 9.8%.