Reportedly, Baosteel, China's top listed steelmaker posted a 60% dip in first-quarter net profit to RMB1.22 billion.
At the same time, Wuhan Iron & Steel Corp. (Wisco), the country's third-largest steelmaker, posted a 93% drop in the Q1 profits; Beijing Shougang lost RMB151 million respectively.
The sum-up of Chinese steel loss has up to around RMB1 billion in the first quarter from a profit of RMB25.8 billion in the same period of a year earlier.
Analysts pointed out that although infrastructure and railway construction remain the majority, new home building is still weak and the steel flat products remain under downward pressure