Losses Worsen for China’s Steel Mills and Crude Oil Refiners
- Steelmakers had been approaching breakeven point in June
- Gasoline demand suffers as more electric cars take to the road
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Losses at Chinese steel mills deepened again last month, making the case for further production cuts to rescue margins in the embattled sector.
Accumulated losses in the world’s biggest steel industry swelled to 2.8 billion yuan ($393 million) over the first seven months of the year, according to data for July from the statistics bureau on Tuesday. Losses had eased in the previous three months, with the industry approaching breakeven in June.