Anhui-based Chinese steelmaker Masteel has announced in its preliminary financial report for 2015 that it expects to record a net loss of RMB 4.82353 billion ($0.73 billion) for the year, compared to the net profit of RMB 220.62 million recorded in 2014.
Masteel stated that the oversupply situation in the Chinese domestic finished steel market and the ongoing declining trend of finished steel prices were the main reasons for its loss in the given year.