Sichuan Province-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co. (Pangang Vanadium & Titanium) has announced that it expects to record a net loss in the range of RMB 0.8-1.0 billion ($119.7-149.7 million) for the first half of the current year, compared to a net loss of RMB 530.36 million in the same period last year.
Pangang Vanadium & Titanium stated that the low levels of iron ore prices and of vanadium and titanium product prices as well as the severe loss incurred at its overseas Karara mining project contributed to its significant loss in the given period.