In its preliminary financial report for the first quarter this year, Beijing-based Chinese steelmaker Shougang Iron and Steel Co. has announced that it expects to register a net loss of RMB 250-350 million ($40.32-56.45 million) for the given period, compared to the net profit of RMB 4.8 million recorded in the same period of last year.
In its report, Shougang stated that the slow growth in the domestic economy since the beginning of the current year has resulted in slack demand for steel products, dragging down finished steel prices and contributing to the net loss recording by the company.