Qinghai Province-based Chinese steelmaker Xining Special Steel Co., Ltd. (Xining Special Steel) has announced that it expects to post a net loss of RMB 294 million ($41.2 million) for the first half this year, indicating a big improvement compared to the net loss of RMB 1.057 billion ($0.15 billion) recorded in the same period last year.
In the first six months this year, Xining Special Steel produced 650,000 mt of crude steel, up 58.54 percent year on year, and 630,000 mt of finished steel, rising by 61.54 percent year on year.
The company stated that its continuous operating ability has been significantly restored and that it has a foundation for sustained and high-quality development over the long term. Accordingly, it has submitted an application to the Shanghai Stock Exchange for the revocation of other risk warnings imposed on the company's shares. If this application is approved, the “ST-special treatment” label placed on its shares will be lifted.