Major steelmakers in China incurred combined losses of 53.132 billion yuan in January-November 2015, compared to a profit of 24.387 billion yuan during the same period of 2014, China Iron and Steel Association (CISA) said Tuesday.
The profits-to-sales ratio was -2 percent during the first 11 months of this year, while that in the same period of 2014 was 0.74 percent. 51 major steelmakers were in the red in the January-November period, 27 more than a year earlier. In November alone, 62 loss-making steelmakers incurred combined losses of 15.9 billion yuan.
By the end of November, the outstanding loans of the steelmakers totaled 1,335.9 billion yuan, down 2.25 percent on year. Meanwhile, their financial costs increased 1.88 percent on year to 90 billion yuan in January-November, demonstrating the difficulty and high cost of the financing situation for steelmakers.
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