Guangxi Zhuang Autonomous Region-based Chinese steelmaker Liuzhou Iron and Steel Group (Liuzhou Steel Group) has announced in its preliminary annual report that for 2015 its expects to record an operating revenue of RMB 25.909 billion ($3.94 billion), down 27.26 percent year on year, with a net loss of RMB 1.132 billion ($0.17 billion), compared to a net profit of RMB 169 million in the same period of 2014.
Liuzhou Steel Group stated that the overcapacity in China’s domestic steel industry amid slack demand for steel and the ongoing declining trend of finished steel prices contributed to its net loss in the given year.