Steel companies swing back to profit

China's steel industry improved its profitability in the first seven months, due to risingsteel prices, an industry insider said Saturday.

Although sales revenues of 373 steel companies fell 11.91 percent to 1.5 trillion yuan ($225billion) during the period, their profits hit 16.3 billion yuan, Zhao Pei, secretary general of theChinese Society for Metals, said at a forum.

However, market demand remained tepid, with steel consumption falling 3.6 percent year onyear in July, Zhao said.

The old growth model of the steel industry cannot continue because of the slowing economy andlingering overcapacity, he said, while calling for the sector's transformation and upgrading.

As of July, China had achieved 47 percent of its target to cut steel capacity by 45 million tons thisyear. 

Source:Xinhua

TAIZHOU MEIRI MACHINE TOOL CO., LTD. is a manufacturer that specialized in developing and producing small special-purpose tool grinders, precision machinery tools. Main products include: drill bit re-sharpener, end mill re-sharpener, screw tap re-sharpener, lathe tool grinder, saw blade sharpener, universal cutter grinder, universal tool grinder, chamfer, air tapping machine, gear chamfering machine, universal head, rotary table, etc.