BEIJING, Jan 31 (Reuters) - Profits at China's large steel mills slumped 98 percent to 1.6 billion yuan ($257.2 million) in 2012 from the previous year, the China Iron & Steel Association said in a statement released on Thursday.
The industry association's members comprise more than 70 large steel mills. ($1 = 6.2204 Chinese yuan)
(Reporting by Coco Li and Fayen Wong) Keywords: CHINA STEEL/CISA
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