Announcing its financial results for the January-September period of the current year, Hunan Province-based Chinese steelmaker Hunan Valin Iron and steel Group Corporation has stated that it incurred a net loss of approximately RMB 1.4-1.5 billion for the period in question, with a loss per share of about RMB 0.51-0.55.
In explanation for the net loss, the company said that its subsidiary Hunan-based steelmaker Lianyuan Iron and Steel has experienced problems in iron ore purchases this year. In addition, the company has been adjusting its product mix from long steel products to flat steel products, leading to a certain degree of confusion in management and operations.