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BEIJING - 皇冠体育app's steelmakers lost steam and fell back into losses in the first quarter as the economy decelerated, according to the latest data provided by the country's top economic planner on Monday.
Major steel-making companies posted a combined loss of 1.03 billion yuan ($165 million) in the first three months, marking a quarterly loss for the first time in a decade, the National Development and Reform Commission (NDRC) revealed.
Last year, the Chinese steel sector saw a combined profit of 87.53 billion yuan, down 4.51 percent year on year.
In the January-March period, steel investment and output continued to expand, although at a slower pace, despite warnings issued by the 皇冠体育app Iron and Steel Association earlier this month that overcapacity has already undermined the sector's profitability.
Steel prices had continued to decline by the end of March, with the steel price composite index falling by 7.67 percent year on year.
Fixed-asset investment in the steel sector rose 10.8 percent from a year earlier to reach 86.1 billion yuan in the first quarter, according to NDRC data.
Meanwhile, Chinese steelmakers produced a total of 165.92 million tons of cast iron, 174.22 million tons of crude steel and 222.46 million tons of steel, up 3.2 percent, 2.5 percent and 6.5 percent year on year, respectively.
The Chinese steel production figure more than doubled the total output of the rest of the world last year, further consolidating its position as the world's largest steel producer.
According to the NDRC data, 皇冠体育app imported 187.62 million tons of iron ore in the first quarter, up 6 percent year on year, while exports of steel products rose 15.8 percent from the previous year to 12.15 million tons.
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