China's iron and steel companies have seen their profits slide in the first half of this year, according to the Ministry of Industry and information Technology.

Recent data shows that iron and steel companies made a total profit of 64 billion yuan in the first five months this year, down more than 1 percent from last year.

The ministry points out that the challenges these companies are facing include over-capacity and soaring iron ore import prices which are squeezing profit margins.

Source:CNTV