Although China’s steelmakers saw a big rise in profits last year, the industry still has overcapacity problems that have dragged prices to record lows.
China’s major large and mid-sized steel firms reported 30.4 billion yuan ($5 billion) in profit in 2014, a sharp rise of 40.4 percent, the China Iron and Steel Association (CISA) revealed on Thursday.
The association attributed the growth to lower fuel prices and cost cutting.(…)
