Jiangsu Province-based Chinese steel producer Nanjing Iron and Steel Co. Ltd (Nanjing Steel) has announced in its preliminary annual report for 2015 that it expects to record a net loss of RMB 1.5 billion ($0.23 billion) for the given year, compared to the net profit of RMB 291.9272 million recorded in 2014.
Nanjing Steel stated that the overcapacity in the domestic steel industry amid slack demand for steel and the continuous declining trend of finished steel prices caused it to incur a loss in the year in question.