More steel makers closures seen

The president of Baoshan Iron and Steel (Baosteel) said on Monday that more Chinese steel makers will be forced to close over the next three years due to tighter credit, higher environmental requirements and increasing margin pressure.

Dai Zhihao, president of the company, said that 2014 is "only the first year of a real winter for the industry."

Dai made the comments in an online briefing on the company's 2013 financial results. The company reported net profit of 5.82 billion yuan in 2013, down 42.33 percent year-on-year, Baosteel said in a filing to the Shanghai Stock Exchange on Saturday.