Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) has announced in its annual report that in 2015 it registered an operating revenue of RMB 22.501 billion ($3.47 billion), down 31.09 percent year on year, with a net loss of RMB 3.306 billion ($0.51 billion) compared to the net loss of RMB 1.165 billion recorded in 2014.
Baogang stated that slowing economic growth in China, slack demand from downstream users and the ongoing declining trend of finished steel prices caused it to incur a loss in the given year.