In its final financial report for the first quarter this year, Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced an operating revenue of RMB 14.077 billion ($2.3 billion), up 7.38 percent year on year, and a net loss of RMB 129 million ($21.04 million), down 64.9 percent year on year, with a loss per share of RMB 0.0429.
Hunan Valin Steel stated that in the first quarter this year the steel industry faced an overall sluggish situation influenced by the slowdown in the economy caused by the Chinese New Year period. Although raw material prices indicated year-on-year declines in the first quarter, the year-on-year declines in steel prices were larger.