Guangxi Province-based Chinese steelmaker Liuzhou Iron and Steel Co., Ltd has stated that it expects to record a net loss of RMB 864 milion-1071 million ($121.7-150.8 billion) for 2023, shrinking compared to the net loss of RMB 2.342 billion recorded in 2022.
The company stated that in 2023 raw material prices moved at high levels, while demand for steel was slack, exerting a negative impact on the company’s performance. Though Liuzhou Steel stove to improve its operations in 2023, it still recorded a net loss in the given year.