Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Group (WISCO) has announced in its preliminary financial report for 2015 that it expects to record a net loss of RMB 6.8 billion ($1.03 billion) for the year, compared to the net profit of RMB 1.26 billion recorded in 2014.
WISCO stated that the ongoing declining trend of finished steel prices and the devaluation of Chinese currency caused it to incur a net loss in the given year.