Jiangsu Province-based Chinese steelmaker Shagang Co., the listed subsidiary of Shagang Group, has issued its financial performance forecast for the first half of the current year, foreseeing a net loss in the range of RMB 57-68 million ($9.19-10.96 million). In the January-June period last year, the company had recorded a net profit of RMB 34.9636 million.
In the first quarter this year, Shagang’s operating revenue amounted to RMB 1.805 billion ($0.29 billion), down 26.88 percent year on year, while its net profit totaled RMB 1.4068 million ($0.227 million), decreasing by 62.60 percent year on year.