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China's steel industry reports USD 5 billion loss due to economic downturn

China's steel industry reported a cumulative loss of 34 billion yuan (about USD 5 billion) in the first nine months of 2024.

China's steel industry reports USD 5 billion loss due to economic downturn

China's steel industry reported a cumulative loss of 34 billion yuan (about USD 5 billion) in the first nine months of 2024. The industry continues to struggle with the effects of the country's economic downturn. Steelmakers are facing the negative effects of the prolonged real estate crisis on demand. This has led many companies to reduce production in order to maintain profit margins. Some producers facing financial difficulties are also increasingly at risk of bankruptcy.

In China, recent announcements by an industry association have led to a significant increase in steel stocks. The association announced plans to propose policies aimed at consolidating the industry and encouraged companies to avoid aggressive competition.

As China concludes its third-quarter earnings season, results from the largest steelmakers will be closely scrutinized for insights into the industry's health. The government's ongoing economic stimulus measures are being monitored for their potential to influence raw material demand. Analysts say the focus on addressing existing housing stock rather than initiating new construction projects may limit the positive impact on the steel market.

China's steel sector is one of the few major industries yet to post a profit this year. This reflects the challenges in the commodity sector, where producers are grappling with overcapacity and sluggish economic conditions. The challenges facing the steel industry emphasize the need for strategic adjustments and industry cooperation. 

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