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China's steel mills see profits recover in May

Updated: Jul 05,2020 09:17 AM    Xinhua

BEIJING — China's major steel companies saw their profitability improve in May as demand picked up, the latest data showed.

Profits surged by 81.8 percent month-on-month to 14.8 billion yuan (about $2.1 billion) in May. Sales rose by 6.5 percent from a month earlier to 374 billion yuan, according to data from the China Iron and Steel Association.

During the first five months, profits of the country's major steel mills reached 41.9 billion yuan, down by 50.9 percent year-on-year.

Steel production maintained steady growth from January to May, rising by 1.2 percent from a year earlier.

Weighed down by weak external demand, steel exports continued to fall during the period, down by 14 percent year-on-year. Imports jumped by 12 percent to 5.46 million metric tons.

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