Chinese Steelmakers’ Profits Fall 72% Amid Property Sector Weakness

What’s new: Profits at China’s steelmakers declined 72% in 2022 as the industry struggled with sluggish demand from the property sector and rising fossil fuel costs.

Chinese companies engaged in ferrous metals smelting and pressing generated a combined profit of 98.2 billion yuan ($14.4 billion) in 2022, down from a record high of 352.4 billion yuan in 2021, data from the China Iron and Steel Association showed Tuesday. Their combined operating revenue totaled 6.59 trillion yuan last year, down 6.35%.