Chongqing-based Chinese steel producer Chongqing Iron & Steel Co. (Chongqing Steel) has announced in its preliminary annual report for 2015 that it expects to record a net loss of RMB 3.9 billion ($0.60 billion) for the given year, compared to the net profit of RMB 51.43 million recorded in 2014.
Chongqing Steel stated that slowing economic growth in China, the overcapacity in the domestic steel industry amid slack demand for steel, and the continuous declining trend of finished steel prices caused it to incur a loss in the given year.