Zhejiang Province-based Chinese steelmaker Hangzhou Iron & Steel Co. (Hangzhou Steel) has announced that in the first half of the current year it registered an operating revenue of RMB 5.435 billion ($0.85 billion), down 30.7 percent year on year, with a net loss of RMB 296 million ($46.25 million), compared to a net profit of RMB 8.9486 million in the same period of 2014.
Hangzhou Steel stated that overcapacity in the domestic steel industry and the sluggish economy in China in the given period resulted in overall slack demand in the finished steel market and rapid decreases in finished steel prices, which caused the company’s net loss in the first half of the year.