Guangdong Province-based Chinese steelmaker Shaoguan Iron and Steel Co., Ltd (SGIS) has announced that it expects to record a net loss of RMB 95.60 million ($14.27 million) for the January-September period of the current year, compared to a net loss of RMB 1.7833 billion in the same period last year.
SGIS stated that it was able to buy raw materials at low prices, while it also optimized its product structure to push forward transformation and upgrading, which contributed to the reduction of its net loss for the given period compared to the same period last year.