BEIJING — China’s steel industry reported profits of 470.4 billion yuan (around $69.7 billion) in 2018, an increase of 39.3 percent year-on-year.

Crude steel output grew 6.6 percent to 928.26 million tons, whereas steel production hit 1.1 billion tons, up 8.5 percent year-on-year, according to the National Development and Reform Commission.

Steel exports dipped 8.1 percent to reach 69.34 million tons, while imports slid 1 percent to hit 13.17 million tons. Coke exports jumped 20.8 percent year-on-year to 9.75 million tons.

The steel industry is likely to maintain reasonable profit margins this year, as industry overcapacity has largely eased over the past three years.