China Holds Position as World's Leading Steel Maker

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Last updated at: (Beijing Time) Friday, December 20, 2002

China Holds Position as World's Leading Steel Maker

China has retained its status as the world's largest steel maker in 2002, with its annual output topping 180 million tons.

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China has retained its status as the world's largest steel maker in 2002, with its annual output topping 180 million tons.

The profits from steel production has surpassed 25 billion yuan(3 billion US dollars), much better than expected, according to Zhang Zhigang, vice-minister in charge of the State Economic and Trade Commission.

At the beginning of this year, China's steel sector was confronted with the severe challenge of lower economic results, due to increased imports and reduced exports, said Zhang.

The situation turned for the better in April and has recorded amonth-on-month increase in profits since then. By the end of October, the profits of the steel sector hit 23.2 billion yuan, surpassing the total profits of last year.

Zhang attributed the good performance of the steel industry to sustainable national economic growth, increased domestic demand and a series of measures to improve the relationship between the supply and demand.

China consumes one quarter of the world's annual steel output and Chinese economists predicted that steel consumption in China will reach 200 million tons next year, up 10 percent over this year.

However, they called for improving the quality of steel products and increasing the output of value-added products.

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