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Chinese steel companies’ profits fell by 94.5% in the first 11 months of 2022

From January to November this year, among China’s 41 industrial sectors, 20 saw year-on-year increases in total profits, while 21 saw decreases in gross profits, as announced by the National Bureau of Statistics (NBS) on December 27.

In the indicated period, the ferrous metal smelting and rolling sector reported total profits of 22.92 billion Yuan (3.3 billion US dollars), down 94.5 per cent year on year, 1.8 percentage points faster than the declining pace recorded in the January-October period.

The auto sector reported a total profit of 476.3 billion Yuan ($68.5 billion) in the first eleven months, up 0.3 per cent yearly and 0.5 per cent lower than that recorded in the first ten months.

Meanwhile, the ferrous metal mining and processing sector, metallurgy manufacturing sector, railway, shipping, aviation and other transportation equipment manufacturing sector reported total profits of 54.85 billion Yuan ($7.9 billion), 178.7 billion Yuan ($25.7 billion) and 64.07 billion Yuan ($9.2 billion), down 27.6%, down 10.4% and up 8.2% year-on-year, respectively.

From January to November, the large and medium-sized industrial enterprises gross profit totaled 7.71796 trillion Yuan (1.1 trillion US dollars), down 3.6% yearly in China.

1 dollar = 6.9546 Yuan

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Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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