Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced in its preliminary financial report for 2015 that it expects to record a net loss in the range of RMB 2.7-3.0 billion ($0.41-0.46 billion) for the year, compared to a net profit of RMB 74.63 million in 2014.
Hunan Valin Steel stated that slowing economic growth in China, the ongoing declining trend of finished steel prices and the devaluation of the Chinese currency caused it to incur a loss in the given year.