Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has announced in its preliminary financial report for 2015 that it expects to record a net loss in the range of RMB 916.95-932.92 million ($140.72-143.17 million) for the year, compared to the net profit of RMB 31.9527 million recorded in 2014.
Sangang Minguang stated that slack demand from downstream users and the continuous declining trend of finished steel prices resulted in its net loss for the given year.