Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that it expects to record a net loss in the range of RMB 860-960 million ($128.7-143.7 million) for the first half of the current year, compared to a net loss of RMB 154.3 million in the same period last year.
Hunan Valin Steel stated that its large loss incurred in the first quarter this year, its low gross profit in the second quarter amid fierce competition in the domestic market, and the devaluation of the Chinese currency caused it incur an increased loss in the first half this year compared to the same period last year.