Guangdong Province-based Chinese steelmaker Shaoguan Iron and Steel Co., Ltd (SGIS), has announced that it expects to record a net loss of RMB 235 million ($35.07 million) for the first half of the current year, compared to a net loss of RMB 880 million in the same period last year.
SGIS stated that it was able to buy raw materials at low prices, while it also made improvements to company management and optimized its product structure to push forward transformation and upgrading, all of which contributed to its reduced net loss for the given period.