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Print[Ferro-alloys.com]Many Chinese steel enterprises issued their medium-term financial report recently. So for, of all the 35 listed steel enterprises, 19 had published financial report and 12 had made profit. General situation was still not optimistic but recovery seemed to come judging from their performance.
However, improved performance resulted from accounting adjustment and high subsidy from the government. It was revealed governmental subsidy had become one major method of gains for some mills.
For example, net profit of Wuhan Iron and Steel in H1 reached RMB 0.461 billion (USD74.4 million), up 241.32% year –on-year. Its non-operating income was as much as RMB 46.397 million, including 42.53 million of governmental subsidy.
In general, market participants should not be blinded by superficial recovery and steel business was still at harsh time.
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