Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced in its preliminary financial report for 2016 that it expects to record a net loss in the range of RMB 0.8-1.3 billion ($0.12-0.19 billion) for the year, compared to a net loss of RMB 2.95895 billion in 2015.
Hunan Valin Steel stated that the ongoing declining trend of seamless steel pipe prices coupled with the devaluation of the Chinese currency caused it to incur a loss in the given year.