(MENAFN) Data showed that more than 45 percent of Chinese steel firms posted profit decrease in the first quarter of 2014, driven by an economic slowdown and seasonally low consumption which pushed down prices, Xinhua reported.
According to a report released by the China Iron and Steel Association, total profit losses reached USD378.5 million in the January-March period of 2014, compared to USD1.29 million in profits in 2013.
Meanwhile, the total sales of steel companies scored USD140.75 billion, dropping by 0.79 percent compared to the same period of the previous year.
"The first quarter of 2014 was the most difficult quarter for steel firms since the start of the new century," the report added.
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