It is reported that Angang Steel posted a loss of RMB1.98 billion for the first half of this year, in comparison of a profit of RMB220 million in the same period of a year earlier.
The weak exports and China's curbs on property have damaged steel demand and prices. The economy probably grew by 7.8% in the second quarter of this year, the slowest in the last 3 years.
The steel prices in the first half dropped by more than 12% from a year ago, making the company take measures to cut expenditure.
According to Beijing Antaike Information Development Co.'s report, the average price of hot-rolled coils has fallen for 12 straight weeks, the longest streak since 2003.
According to China Iron and Steel Association, the aggregate profit at China's steel industry slumped by 57% in the first five months from a year ago.