Sichuan Province-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co. (Pangang Vanadium & Titanium) has announced that in the first half of the current year it recorded an operating revenue of RMB 5.875 billion ($0.89 billion), down 4.65 percent year on year, with a net loss of RMB 836 million ($126.09 million), compared to a net loss of RMB 530 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 strong loss incurred at its overseas Karara mining project contributed to its significant loss in the given period.