CISA said its member companies saw profits plummet 98.22 percent to 1.58 billion yuan (about USD 252 million) year on year, it said in a release here today.
China's crude steel output grew 3.1 percent to 716.54 million tonnes in 2012, down 5.8 percentage points from a year earlier, it said.
The steel industry faced an extremely difficult situation in 2012, as an economic slowdown in China and the rest of the world curtailed market demand and resulted in flagging steel prices, the association said.
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China's GDP grew 7.8 percent year on year to reach 51.93 trillion yuan (about USD 8.51 trillion) last year, the slowest growth rate since 1999, according to National Bureau of Statistics.
Slowing economic growth has led to decline in steel demand from downstream industries, such as the railway construction, property development and shipbuilding sectors, the association said.
The excessive production capacity in China has caused steel output to greatly exceed market demand.
As a result, steel producers competed fiercely to boost their sales, which in turn resulted in steel price decreases, state run Xinhua news agency quoted the association as saying. "The steel industry experienced its greatest difficulties since the beginning of the century," the association said.
Reports from different parts of the country said a number of steel mills including some major ones have been closed down during the past few months relocating their work force.
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