Guangdong Province-based Chinese steelmaker SGIS Songshan Co., Ltd (SGIS Songshan), a subsidiary of Guangdong-based steel producer Shaoguan Iron and Steel Co., Ltd (SGIS), has announced that it expects to record a net loss of RMB 230 million ($35.46 million) for the first quarter of the current year, compared to a net loss of RMB 431 million in the same period of 2015.
SGIS Songshan stated that the rising trend of finished steel prices as well as improved management helped reduce the company’s loss in the given period.