Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has issued its financial report for the first quarter of the current year, announcing an operating revenue of RMB 10.694 billion ($1.725 billion) for the given period, down 24.03 percent year on year. Meanwhile, the steel producer posted a net loss of RMB 170 million ($27.42 million) for the first quarter of the current year, down 31.42 percent year on year.
The company stated that the slow growth of China's economy in the first quarter and seasonal factors, including slack demand around the time of the Spring Festival holiday, were the main reasons for the decrease in its operating revenue.