Chinese steelmakers said making money ‘as banks’

Jun 27, 2012 | 10:01 AM | Michelle Madsen

Tags  Chinese steelmakers, Credit Suisse, Philip Killicoat, iron ore symposium, michelle madsen

AMSTERDAM — Major Chinese steel mills are not concerned by shrinking steel prices as they are making money "as banks," according to Credit Suisse Group AG vice president Philip Killicoat.

"Chinese steelmakers are not making any money as steelmakers," he said at the 18th Iron Ore Symposium in Amsterdam sponsored by AMM sister publication Metal Bulletin, noting that there was a move among major Chinese steel mills to focus....

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