Anhui Province-based Chinese steelmaker Masteel has announced in its annual report that in 2015 it registered an operating revenue of RMB 45.109 billion ($6.98 billion), down 24.59 percent year on year, with a net loss of RMB 4.804 billion ($0.74 billion) compared to the net profit of RMB 220.6 million recorded in 2014.
In 2015, Masteel produced 13.24 million mt of pig iron, 14.26 million mt of crude steel and 13.50 million mt of finished steel, up 1.22 percent, rising by 0.21 percent and decreasing by 0.05 percent year on year, respectively.
The company stated that slowing economic growth in China and the rapid decrease in finished steel prices caused it to incur a net loss in 2015. In addition, the company stated that it plans to produce 13.76 million mt of pig iron, 14.63 million mt of crude steel and 13.78 million mt of finsihed steel in 2016.