On October 20, Jiangsu Province-based Chinese steelmaker Shagang Group announced that in the January-September period of the current year it registered an operating revenue of RMB 6.807 billion ($1.07 billion), down 11.05 percent year on year, with a net loss of RMB 72.868million ($11.49 million), having recorded a profit in the same period last year.
In the July-September quarter this year, Shagang Group achieved an operating revenue of RMB 2.745 billion ($0.43 billion), up 16.74 percent year on year, with a net loss of RMB 9.9504 million ($1.57 million). In addition, the company foresees a net loss in the range of RMB 120-160 million ($18.92-25.22 million) for the whole of 2015, compared to a net profit of RMB 35.2164 million in 2014.
Shagang Group stated that slack demand from downstream users and the ongoing declining trend of finished steel prices have caused the company to incur a loss.