Jiangsu Province-based Chinese steel producer Nanjing Iron and Steel Co. Ltd (Nanjing Steel) has announced in a correction of its preliminary annual report for 2015, stating that it now expects to record a net loss of RMB 2.43 billion ($0.38 billion) for 2015, compared to the net profit of RMB 292 million recorded in 2014. The company stated that slowing economic growth and the continous decline of finished steel prices caused it to incur an increased loss in the given year.
In its previous preliminary annual report, Nanjing Steel stated that it expected to record a net loss of RMB 1.5 billion ($0.23 billion) for 2015.