Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) has announced that in its preliminary annual report that it expects to record a net loss in the range of RMB 3.2-3.8 billion ($0.49-0.58 billion) for 2015, compared to the net profit of RMB 200.33 million recorded in 2014.
Baogang stated that slowing economic growth in China, slack demand from downstream users and the continuous declining trend of finished steel prices caused it to incur a loss in the given year.