Zhejiang Province-based Chinese steelmaker Hangzhou Iron & Steel Co. (Hangzhou Steel) has announced in its preliminary financial report that it expects to record a net loss of RMB 1.06 billion ($0.16 billion) for 2015, compared to the net profit of RMB 10.7336 million recorded in 2014.
Hangzhou Steel stated that the shutdown of its Hangzhou Banshan steel base, the overall slack demand in the finished steel market and the rapid decreases in finished steel prices caused the company to incur a loss in the given period.