According to China Iron and Steel Association data, 75 steel groups achieved sales income of Rmb258bn ($38.8bn) and profit of Rmb6.958M ($1.045M) in October.

This was Rmb1.076M ($161k) higher than in September. The increase in income and profit was due to rising steel prices and a lower iron ore price.

12 companies were in the red in October, with total losses at Rmb570M ($85.7M), Rmb210M ($31.5M) less than in September.

Profitability of major steel works fell steeply into the negative from September 2008 and remained negative until May 2009. Profitability in 2010 was positive but at half or less than that experienced in the first three-quarters of 2008.

Source China Metals