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China Steel Industry Profits Plunge 98% in 2012
02/01/2013 - The combined profits of China's major steelmakers crashed by more than 98% in 2012 as growth in the economy of the world's largest steel producer slowed, Business Insider reports.
The combined profits of China's major steelmakers crashed by more than 98% in 2012 as growth in the economy of the world's largest steel producer slowed, Business Insider reports.
After-tax profits of more than 80 steelmakers reached around 1.58 billion yuan ($251 million) last year, the China Iron and Steel Association said in a statement on its website on Thursday.
It attributed the fall to China's economic downtrend, which cut demand and caused prices to drop…
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