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Saturday, China said its first-half 2009 crude steel production was 266.58 million tonnes, an increase of 1.23% from the year ago period. For the full year, China now anticipates crude steel production to be in excess of 500 million tonnes, according to vice chairman of China Iron and Steel Association, Luo Bingsheng.
Daily output of crude steel for June, was about 1.65 million tonnes on average. Despite higher production capacity, Chinese steel companies experienced declining profits and revenues in the first six months, mainly on low steel prices as a result of weak market demands. Statistics of 71 major steel producers show profit declined 98.3% to 1.73 billion yuan from last year, while total revenues dropped 29.07% to 955 billion yuan or US$ 139.82 billion.
China produced 500 million tonnes of crude steel last year, about 38% of the world total production volume.
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