Anhui Province-based Chinese steelmaker Masteel announced that in the first half of the current year it recorded an operating revenue of RMB 23.448 billion ($3.66 billion), down 18.8 percent year on year, with a net loss of RMB 1.237 billion ($0.19 billion) compared to a net loss of RMB 730 million in the same period of 2014.
Masteel stated that the significant decreases in finished steel prices resulted in the company’s increased loss in the first half of the current year. In addition, the company also expects to record an overall net loss in the January-September period this year as its operations are unlikely to register a significant improvement in the third quarter.