China Knowledge gave stated that, according to steel industry statistics released by the National Development and Reform Commission, the steel industry in China has made an enormous profit of CNY 155 billion (£14.7 billion) during the first half of 2011. The statistic is believed to be 22% up on the same period in 2010.

The profit of the ferrous metal mining and dressing industry surged 61.7%YoY, whilst there was also a 6.9% rise in the ferrous metal smelting and pressing sector.

The commission also claimed that China’s overall steel output increased to 59.3 million tonnes during the first half of the year, making it the largest steel maker in the world.