Liaoning Province-based Chinese steelmaker Bengang Steel Plates Co. (Bengang Steel Plates), a listed subsidiary of Benxi Iron and Steel (Group) Co. (Bengang Group), has announced in its preliminary financial report for 2015 that it expects to record a net loss in the range of RMB 3.1-3.2 billion ($0.47-0.49 billion), compared to a net profit of RMB 232.8048 million in 2014.
Bengang Steel Plates stated that overcapacity in the Chinese domestic steel industry, slack demand for steel, rapid decreases in finished steel prices and the devaluation of the Chinese currency all contributed to its net loss in the given year.