International Steel Mills
January 3, 2016
China Steel Mills Expect Losses Exceeding $8 Billion for 2015
Written by Sandy Williams
The China Iron and Steel Association reported that Chinese steel mills suffered losses of approximately $8.18 billion dollars in the first eleven months of 2015. Revenue fell 19.3 percent year over year for the 101 large and mid-sized steel mills that CISA tracks.
With falling steel demand at home, China steel exports surged in the past two years to be met by a wave of trade actions around the globe. Crude steel production dropped 2.2 percent to 738.38 million tonnes from January through November of 2015, according to data from the National Development and Reform. Attempts to reduce overcapacity through consolidation and production cuts are expected to take time.
