China major steelmakers Jan-May profit decline

China major steelmakers Jan-May profit decline. BEIJING (Dow Jones)--China's 80 large- and medium-sized steelmakers continued to post a decline in profits in the first five months due to mounting raw material costs, state run Xinhua News Agency reported Monday. In the January-May period, overall production and sales cost surged 25% lead by increasing iron ore prices, and squeezed the 80 major steelmakers' combined profit to CNY42.8 billion, the report said, citing China Iron and Steel Association's deputy director, Luo Bingsheng. The report didn't provide the year-earlier combined profit number. The profit margin of the 80 steelmakers stood at 2.91% in the first five months, 0.67 percentage points lower from a year earlier, the report said.