China crude steel sector grows slower

Growth of China's crude steel output slowed in the first five months, as demand dropped amid a cooling domestic economy, according to a data from the country's top economic planner. Crude steel output increased by 2.2 percent year-on-year to 296.26 million tonnes during the January-May period, down from 8.5-percent growth recorded during the same period last year, data with the National Development and Research Commission showed. In May, crude steel output rose 2.5 percent from a year earlier, 5.3 percentage points lower than last year, China's (Xinhua) News Agency reported. Aside from output, the sector's profits also slipped sharply. Steel producers saw profits down 49.5 percent from a year earlier to 39.5 billion yuan (6.27 billion U.S. dollars) in the first four months. (QNA)