On August 22, Beijing-based Chinese steel producer Shougang Group announced its financial results for the first half of the current year.
Accordingly, in the given period Shougang recorded a net loss of RMB 269 million ($43.94 million), compared to a net loss of RMB 349 million in the corresponding period last year. Operating revenues of Shougang in the first half this year decreased by 9.04 percent year on year to RMB 5.098 billion ($833 million).
Meanwhile, Shougang Group expects a net loss in the range of RMB 330-430 million ($53.9-55.5 million) for the first three quarters of the current year, compared to a net loss of RMB 308 million in the same period last year, against a background of slower demand, production overcapacity and the high cost of raw materials.