Chinese steel producers experienced their worst year in 2015, with combined losses in primary business soaring 24-fold from 2014 to over 100 billion yuan (15.5 billion U.S. dollars), an industry association said on Thursday.
The sector was "in severe winter" last year as overcapacity and tumbling steel prices squeezed profit margins, said Liu Zhenjiang, Party chief and secretary general of the China Iron and Steel Association (CISA), at an industry meeting.
Taking investment returns into account, the country's steel mills recorded a total loss of 64.5 billion yuan in 2015, after a combined profit of 22.6 billion yuan in 2014.
"The sharp downturn sent life-or-death signals to some companies and posed grim challenges for our business in 2016," Liu told the meeting.
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