Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), has announced that it expects to record a net loss of RMB 270 million ($41.70 million) for the first quarter of the current year, compared to the net loss of RMB 366.4 million recorded in the same period of 2015.
JISCO Hongxing Steel stated that the rising trend of finished steel prices as well as improved management helped reduce the company’s loss in the give period.