China's steel firms lost 53.1b yuan from January to November last year

Beijing

CHINA'S major steel firms lost 53.1 billion yuan (S$11.6 billion) from January to November last year, as prices fell because of overcapacity and slumping demand, the China Iron and Steel Association (CISA) said on Monday.

China's steel sector, responsible for around half of global output, has been one of the biggest casualties of the country's economic slowdown, with prices now at multi-decade lows as a result of a massive supply glut.