Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Co., Ltd has announced that it expects to register a net loss of RMB 2.679 billion ($0.38 billion) for the January-June period this year, compared to a net loss of RMB 1.346 billion ($0.19 billion) in the same period of last year.
According to the company, in the first six months this year the Chinese steel industry incurred overall losses amid the sluggish demand from downstream users, while bigger declines were seen in steel prices than in raw material prices, which negatively affected the company’s profitability.