Gansu Province-based Chinese steelmaker Jiuquan Iron and Steel Group (JISCO) has announced in its preliminary financial report for the first half of the current year that its Gansu-based subsidiary Hongxing Steel recorded an estimated net loss of RMB 320 million ($52.2 million) for the given period, compared with a net profit of RMB 239.9 million in the first half of last year.
In the report, JISCO stated that, although its subsidiary's operations in the second quarter performed better than in the first quarter, ongoing sluggish demand and low finished steel prices resulted in the overall net loss for the first half this year.