International Steel Mills
January 2, 2014
China Report: 86 Mills Carry a 3 Trillion Yuan Debt
Written by Sandy Williams
In the first half of 2013 the profit on one ton of steel sold in China was only 0.43 Yuan. At that rate, it took the sale of two tons to earn just enough money to buy an ice cream bar or Popsicle. A far cry from peak profits of 1000 Yuan per ton. The Chinese steel industry has slipped from “self-esteemed and rich” to “self-depreciated and poor” over the last several years.
Steel Market Update received an article published in the Securities Journal in China (translated from Chinese) and Sandy Williams in our office paraphrase the original article. The original article is at the end of Sandy’s work so you can get a feel of how the original translation was received. First, our summary of the articles contents:
