Chongqing-based Chinese steel producer Chongqing Iron & Steel Co. (Chongqing Steel) has announced in a correction of its preliminary annual report for 2015 that it expects to record a net loss of RMB 5.98 billion ($0.92 billion) for the given year, compared to a net profit of RMB 51.431 million registered in 2014. The company stated that slowing economic growth and the continuous decline of finished steel prices caused it to incur an increased loss in the year in question.
In its previous preliminary annual report, Chongqing Steel stated that it expected to record a net loss of RMB 3.9 billion ($0.60 billion) for 2015.