China's iron and steel industry maintains robust growth

The Chinese metals industry maintained a robust pace of growth, posting notable increases in both operating income and profits from January to September.

Statistics from the Ministry of Industry and Information Technology showed that the industry's total core operating income grew 14 percent year-over-year to 5.66 trillion yuan ($ 816.7 billion).

The industry's total profit for the reporting period was 358.7 billion yuan, up 65.3 percent from the previous year.

Large and medium-sized enterprises contributed 3.06 trillion yuan in total operating income and 230 billion yuan in profits. These figures were 14.5% and 86%, respectively.

By the end of September, the debt ratio of large and medium-sized enterprises decreased by 3.9 percentage points compared to the previous year and amounted to 66.1 percent.

Through efforts to reduce overcapacity and ban production for non-standard steel, Chinese steel and steel producers were able to sell their products overseas at better prices.