Maanshan Iron and Steel (Masteel), Anhui Province-based Chinese steelmaker has issued its financial results for the first half of this year, indicating a large net loss of RMB 1.893 billion ($298.6 million) compared to a net profit of RMB 310 million in the same period last year.
Meanwhile, Masteel recorded an operating revenue of RMB 4.0587 billion ($638.53 million) in January-June this year, down 5.94 percent year on year. The steel producer stated that in the second half of the year it may also record a net loss amid sluggish steel market conditions.
According to the financial reports released by Chinese steelmakers for the first half of this year, in addition to Sichuan Province-based Pangang Group whose financial results improved obviously due to asset reorganization last year, only Shanghai-based Baosteel, Zhejiang Province-based Jiuli Stainless Steel Pipe Co. and Zhejiang Province-based Chinese pipe producer Zhejiang Kingland Pipeline and Technologies Co. saw year-on-year increases in their net profits.