US EditionChina Steel Corporation Joins Automakers in Price War, Upstream Steel Companies' Profits Are Squeezed Dry
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On Tuesday, the China Iron and Steel Association (hereinafter referred to as "CISA") issued a statement blasting the price war among domestic automakers, which has left upstream companies such as steel with almost no profit. CISA also mentioned that after steel companies supply goods, automakers are slow to pay for the goods, and pass on the financing pressure and financing costs to upstream suppliers through the "credit period" of the contract.
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