Liaoning Province-based Chinese major steelmaker Bengang Steel Plates Co., Ltd. has announced that it expects to register a net loss of RMB 1.519 billion ($0.21 billion) for the January-June period this year, compared to a net loss of RMB 1.005 billion ($0.14 billion) in the same period of last year.
The company stated that in the first six months this year the situation in the steel industry was severe amid the oversupply in the steel market. While steel prices were weak, the prices of iron ore and other raw materials were at relatively high levels, which exerted a negative impact on the steel industry and caused the company’s net loss to widen.