Sichuan Province-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co. (Pangang Vanadium & Titanium) has announced that in the first half of the current year it registered an operating revenue of RMB 6.16 billion ($0.96 billion), down 26.72 percent year on year, with a net loss of RMB 589 million ($92.03 million) compared to a net loss of RMB 120 million in the same period of 2014.
Pangang Vanadium & Titanium stated that the slowing economic growth in China and the declining trend of international iron ore prices resulted in the decreases in vanadium & titanium ore prices, which caused the company’s loss in the given period.