CX Daily: China’s Increasingly Embattled Steelmakers

Steel /

Chart of the Day: China’s increasingly embattled steelmakers

Weakening steel demand and a subsequent drop in prices pushed China’s top mainland-listed steelmakers to report tumbling profits or expanding losses in the first half, although by widely divergent amounts.

Shanghai-listed Inner Mongolia BaoTou Steel Union Co. Ltd. suffered the steepest decline, with its net profit attributable to shareholders plunging 73.8% to 108 million yuan ($15.2 million) in the six months through June, according to its earnings report.