On July 30, Zhejiang Province-based Chinese steelmaker Hangzhou Iron & Steel Co. (Hangzhou Steel) has announced an estimated net loss of RMB 296 million ($47.7 million) for the first half of the current year, compared to the net profit of RMB 5.0477 million recorded in the same period last year.
Hangzhou Steel stated that the more rapid decreases in finished steel prices as compared to those recorded in iron ore prices in the first half of the year were the main reason for the company’s net loss in the given period.