Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) has announced in its preliminary financial report for 2015 that it expects to record a net loss of RMB 4.376 billion ($0.67 billion) for the year, compared to the net profit of RMB 928 million recorded in 2014.
Ansteel stated that the imbalance between supply and demand in the Chinese domestic finished steel market and the steady declining trend of finished steel prices caused it to incur significant losses in the given year.