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China steel makers report $484 million loss in Q1

(Xinhua)
Updated: 2009-04-23 16:04

BEIJING -- Chinese large and medium-sized steel makers lost 3.31 billion yuan (US$484.6 million) in the first quarter as overall steel output increased, China Iron and Steel Association (CISA) announced Wednesday.

The losses in March alone stood at 1.79 billion yuan, CISA vice president Luo Bingsheng told a work conference.

Related readings:  Nearly half of steel mills in the red in March  China to cap steel output at 460m tons in 2009  Steel prices ease on slow inventory rundown  China's March crude steel output stays high

"The increased steel output in the first quarter is the major reason for the losses," he said.

In the first quarter, 20 out of 72 large and medium-sized member steelmakers reported losses, while during the same period last year, the steel sector reported profits of 47.16 billion yuan.

Crude steel output rose 1.74 million tonnes year on year in the first quarter to 124.7 million tonnes. Daily steel output stood at 1.41 million tonnes, which was equivalent to 517 million tonnes a year, significantly higher than the annual goal of 460 million tonnes.

Steel prices had fallen to the 1994 level, Luo said.

Steel exports fell 50 percent year on year to 5.14 million tonnes in the first quarter, and "steel for export was sold on the domestic market, which played a big role in the supply increase," he said.

CISA honorary president Wu Xichun blamed the increased capacity on small and medium-sized steel producers.

"Seventy-two CISA members reduced steel output from an average of 1.14 million tonnes per day to 1.11 million tonnes, but the small and medium-sized companies increased daily production from 290,000 tonnes to 340,000 tonnes," he said.

He called for the elimination of companies using outdated technologies.