January 14, 2010
(Bloomberg) -- Steel production in China, the world’s largest maker, rose an estimated 13 percent in 2009, the Ministry of Industry and Information Technology said.
Output probably rose to 565 million metric tons, the ministry said today in a statement on its Web site. The estimate matched a prediction by the China Iron & Steel Association Nov. 19. The National Bureau of Statistics has yet to announce the actual figure.
China’s $586 billion stimulus spending has boosted steel demand from automakers, home-appliance manufacturers and builders. The spending helped the steelmaking industry return to profit in May after seven straight months of losses because of the global economic crisis.
The nation’s medium-and large-sized steelmakers posted a combined profit of 44.8 billion yuan ($6.6 billion) in the first 11 months last year, down 62 percent from a year ago, MIIT said.
Net exports of crude steel plunged 94 percent to about 2.86 million tons last year, compared with 47.6 million tons a year ago, the statement said. China became a net exporter again in November, it said. Net exports are exports minus imports.
--Helen Yuan. Editors: Richard Dobson,.
To contact the Bloomberg News Staff on this story: Helen Yuan in Shanghai at hyuan@bloomberg.net
Last Updated: January 12, 2010 05:02 EST
[ Back to top ]