Chinese steelmakers have significantly reduced their losses in the first ten months of 2024, reporting approximately 23 billion yuan ($3 billion) in losses, down from 34 billion yuan in the first nine months. This improvement follows recent economic incentives and government measures that have boosted production and prices. Despite this progress, the industry still faces challenges from overcapacity and a real estate crisis affecting demand. A recent survey indicated that more than half of steel plants are now profitable, but concerns remain about future profitability as colder weather may slow construction and global protectionism could impact exports. Overall, profits for large industrial enterprises in China fell by 4.3% year-on-year during this period.